the top 5 cities for homegrown business growth

These are the five U.S. cities in which more than a third of companies increased revenue in the first half of 2017, according to an analysis of city-based companies by Niche, an economic research…

the top 5 cities for homegrown business growth

These are the five U.S. cities in which more than a third of companies increased revenue in the first half of 2017, according to an analysis of city-based companies by Niche, an economic research firm. If they report their sales results for the third quarter of this year, 50 of them also plan to increase their global headcount, too.

“It’s great to see the growth going global,” says Craig Mason, CEO of Niche. “We’re seeing the return of the localization movement” as US manufacturing “gets farther and farther removed from the global supply chain” by incorporating in other countries.

Another big benefit to local businesses: Providing their own currency, rather than the US dollar, can open up new markets in which to sell. The translation losses for companies in other countries are minimal, Niche says. The beginning of 2018 could see the US dollar start to weaken again as the European economy slows.

Just as the economies of the US and other major developing countries like China are decelerating, “the growth isn’t as dynamic as it was” earlier this year, Mason says. But there are still a lot of companies “that aren’t outsourcing US jobs and need to make an investment in their US growth.”

So how did the prospects for locally based companies look in the US and around the world in 2017? Here are the top US cities for local companies:

1. Brooklyn, NY, 31.2%

2. Derry, NH, 30.9%

3. Buffalo, NY, 29.9%

4. Portland, OR, 29.4%

5. Columbia, SC, 28.5%

Overall, the figure of 30.5% “has been hovering around all year, and there isn’t any evidence that this trend is going to change,” Mason says.

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