Boston, MA (PRWEB) May 11, 2012
The Initiative for a Competitive Inner City (ICIC)'s annual ranking showcases the 100 fastest-growing urban businesses in America, and Fennick | McCredie Architecture is among the winners with a 5 year annual growth rate of 25%. The Inner City 100 program recognizes successful inner city companies and their CEOs as role models for entrepreneurship, innovative business practices and job creation in America’s urban communities.
The full list can be viewed at Fortune.com
Fennick | McCredie Architecture
Established in 2003, Fennick | McCredie Architecture was started by Deborah Fennick and Jonathan McCredie, whose vision of creating a civic minded architecture firm for both public and private works continues to define and grow their firm. Over the past 8 years, Fennick | McCredie Architecture has grown from 3 to 18 employees. Located on the edge of the re-emerging Downtown Crossing area in Boston, the firm continues to foster collaboration with clients and their community - the driving force of the growing firm. http://www.FMarchitecture.com
Initiative for a Competitive Inner City
ICIC is a non-profit research and strategy organization and the leading authority on U.S. inner city economies and the businesses that thrive there. Founded in 1994 by Harvard Business School Professor Michael Porter, ICIC expands inner city economies by providing businesses, governments and investors with the most comprehensive and actionable information in the field about urban market opportunities. ICIC's unique knowledge and expertise about inner city success factors and thriving companies is developed from specialized urban networks and path-breaking research. http://www.icic.org
For the 2012 list, winners represent a wide span of geography, operating in 46 cities and 30 states. The 2012 Inner City 100 winners grew at a compound annual growth rate of 40 percent and an average standard growth rate of 577 percent between 2006 and 2010. Collectively, the top 100 inner city businesses employ 7,965 employees and have created more than 4,635 new jobs between 2006 and 2010. Not only are they powerful job creators in their communities, but they also treat their employees well – a stunning 93% of the list provide health insurance.
The list is proof of concept that doing business in an inner city area holds a distinct competitive advantage. ICIC has been studying the economic condition of the largest 100 American cities for more than a decade and is working to revitalize inner cities across the country.
Highlights of the 2012 Inner City 100 include:
-Employ 7,965 workers and have created 4,635 new jobs in the last five years.
-25% are women-owned. Nationally, only 10% of companies with over $1 million in annual revenues are women-owned.
-Companies generated $15.3 million in revenues on average and $1.5 billion in the aggregate.
-36% are minority-owned. Nationally, only 21% of all companies are headed by minorities.
-40% of their workers are inner city residents.
To qualify for the Inner City 100 list, companies were required to have at least 51 percent of their operations located in an economically distressed urban area; have at least 10 full-time employees; and a five-year operating sales history that includes at least $200,000 in revenues in the first year of consideration, an increase in year five sales over year four sales, and fifth-year sales of at least $1 million. For the 2012 list, ICIC looked at total revenue growth from 2006 to 2010 and the specific rankings were based on these growth rates. An economically distressed urban area is defined by ICIC as having a 50 percent higher unemployment level, 50 percent higher poverty level, and 50 percent lower median income than the metropolitan statistical area.