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Area Companies Dominate Inc. 500 List of Fastest-Growing Companies

October 25, 2005;  Washington, DC – For the ninth consecutive year, the Greater Washington region has the largest number of fastest-growing private companies in America, according to Inc. Magazine.

This year, the region set a record with 50 area companies on the 2005 Inc. 500 list, an increase over 40 firms in 2004, 47 in 2003, and 40 in 2002.  When compared to other major metropolitan areas, Los Angeles ranks second with 32 firms, Boston and New York tied for third place with 27 companies and the San Francisco/Oakland/San Jose area rounded out the top five with 24.  

The 50 area companies cross many industries; the top two industries are IT services (18 companies) and defense contracting (11 companies). Other top industries represented are: consulting, software, and telecomm.  Nearly one-third of all IT companies on the Inc 500 list are based in Greater Washington.

 “The 2005 Inc. 500 list confirms Greater Washington’s continued strength as an outstanding business location,” said William Couper, Chairman, Greater Washington Initiative, and President of Bank of America, Greater Washington. “The listings underscore the tremendous opportunities that our region offers to companies in all sectors, especially technology-related firms.” Total revenues for the region’s 50 fast-growing firms are more than $1.4 billion, and they collectively employ more than 11,000 individuals.                                                                                                                                                 Inc. 500 rankings are based on a company’s percentage increase in sales from 2000 through 2004. Additional information on the Inc. 500 list is available at http://www.inc.com/inc500/.

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The Greater Washington Initiative (GWI) is the regional economic development marketing organization that promotes the area encompassing the District of Columbia, Northern Virginia and Suburban Maryland as a premier business location. GWI is an affiliate of the Greater Washington Board of Trade. For more info, visit www.greaterwashington.org

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