Oakland County's economic policies and business environment appear to be paying off for companies choosing to locate in the area just north of bankrupt Detroit. Nearly half of the fastest-growing private companies in Michigan have locations within Oakland County. That’s according to Inc. magazine’s 32nd annual Inc. 500|5000, an exclusive ranking of the nation’s fastest-growing private companies. Out of 126 Michigan private companies in Inc.’s survey, 55 are in Oakland County. The news prompted County Executive L. Brooks Patterson to credited on Wednesday his Emerging Sectors initiative for the number of Oakland County companies in Inc.’s list.
“If you take a look at the fastest growing private companies in Oakland County, most are in what we call the knowledge-based economy,” Patterson said. “We launched Emerging Sectors in 2004 to attract companies with sustainable, high-paying jobs that will last decades into the future.”
Unlike decades of Democratic governance in Wayne County and Detroit, Oakland County has had decades of Republican leadership. The results are markedly different as shown in the video recounting Detroit's bankruptcy filing earlier this summer. Oakland County has historically experience stronger indicators than the county sharing its southern border.
As of July, 242 Emerging Sectors companies have invested more than $2.5 billion in Oakland County creating 29,165 jobs and retaining 13,382. Emerging Sectors companies include areas such as health care & life sciences, communications & information technology, robotics, and advanced materials & nanotechnology.
For three years in a row, Oakland County has more than doubled the job growth predictions of University of Michigan economists George Fulton and Donald Grimes. Oakland County added 24,412 jobs in 2011, 23,490 in 2012, and is well on its way to surpass the 2013 jobs forecast. As of June of this year, the number of employed residents grew by 10,496 - the greatest single-month increase since January of 1990 when the Bureau of Labor Statistics first recorded county-level data.
The top five fastest growing companies in Oakland County and their rank nationally according to Inc. magazine are LinTech Global of Farmington Hills (411); Conversa Solutions of Auburn Hills (578); Coretek Services of Farmington Hills (634); Rapid Global Business Solutions of Madison Heights (668); and Vigilant Technologies of Troy (907).
The 2013 Inc. 500|5000 is ranked according to percentage revenue growth when comparing 2009 to 2012. To qualify, companies must have been founded and generating revenue by March 31, 2009. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2012. The minimum revenue required for 2009 is $100,000; the minimum for 2012 is $2 million.