Dive Brief:
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Half of the 10 fastest-growing industries in small business are related to construction, according to financial information company Sageworks.
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The burgeoning businesses include foundation, structure and building exterior contractors, at No. 2 on the list; “other” specialty trade contractors, in the No. 6 spot; utility system construction, at No. 7; residential building construction, in ninth place; and building equipment contractors, rounding out the top 10.
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General freight trucking is the fastest-growing industry within the small-business category, which includes privately held companies with annual sales of less than $5 million, according to Sageworks.
Dive Insight:
The success of construction — including climbing spending and dwindling unemployment — has made the industry a small-business leader, Sageworks analyst Chuck Nwokocha told Forbes. “Construction is pulling a lot of these sectors along with it.”
The Top 10 list reflects what’s going on in the broader economy, Nwokocha said, noting that privately held companies of all sizes have grown an average of 10% over the past year.
