High Growth Companies (higros) have an extraordinarily large impact on new job creation in the Commonwealth. Higros have high levels of diversity, and represent almost every industry in communities of all sizes. Higros are connected with international markets as importers, exporters and foreign-owned. The continued success of higros is essential for both current and future job creation and investment expansion in the Commonwealth.
In 2000, Team Pennsylvania signed on to participate in an initiative to analyze job creation history of all companies in Pennsylvania over a ten-year period of time. The project was split into two phases. Team PA saw the potential of this analysis in expanding economic development opportunities across the Commonwealth.
The full analysis identified that an amazingly small percentage of companies (a mere 0.3%) created three out of every four net new jobs. These companies also exhibited unique traits and challenges that show how growth can create challenges not often addressed by economic development networks. The analysis determined the defining characteristics of higros to include:
- Representation of all industry sectors
- Representation of all regions of Pennsylvania in nearly every county
- Benefits reaped from communities of all sizes by having these firms in their area
- Continued growth, despite recession
View the full report of findings.