Crain’s Fast 50: Mortgages and construction fill the fastest growing businesses
Mortgage activity has reached a dizzying high in 2021. And Crain’s Fast 50 list of the fastest growing companies reflects this.
One or two on the list are Metro Detroit mortgage giants Rocket Companies and UWM Holdings. Some other financial services companies on the list, including Flagstar Bancorp, also specialize in mortgages.
But that’s not the only business that’s exploded.
Perhaps most striking is the number of construction companies on this year’s list – seven out of 50. They have been aided by business investment, particularly the auto industry’s massive investment in factories. production of electric vehicles.
A word about how we calculate this list, which differs in some ways from similar lists that only consider a percentage increase in revenue:
Our list takes this into account, but we also rank the companies for which we have data by the dollar amount of their revenue increase. Indeed, in our view, scale matters and generating strong increases in sales in a large, established company is no easy task.
So we rank each of the companies for which we have data from 2018 to 2021 on their percentage increase in revenue, as well as the increase in the dollar. We add these rankings together to produce the final list. Companies that succeed on both scales do better.
Profitability matters too. We ask every business to certify that it has been profitable, because increasing revenue is easy if you sell at a loss.
So, without further ado: