What Economic Downturn? These Bay State Businesses Are Booming: Report

MASSACHUSETTS — Companies headquartered in the state are some of the fastest-growing in New England, a new study shows.

Bay State businesses make up 31 of the 50 New England-based companies with the highest growth rates over a recent three-year period, according to an annual analysis by the Boston Globe.

Despite a tepid economy, these businesses are booming.

Salient Predictions, based in Cambridge and Falmouth, ranks as the fastest-growing in Massachusetts and the second-fastest in New England. The AI-powered weather forecasting service increased revenue by 1,483% to a total of $1.87 million in 2024, the Globe reported.

The rankings are based on each company's compounded rate of annual revenue growth from 2021 to 2024. To qualify, companies had to be independent, based in one of the six New England states, and with revenues of at least $100,000 during 2021 and $1.5 million in 2024.

An international data and analysis firm, Statista, crunched the numbers for the Globe.

While Massachusetts makes up most of the Globe’s roster, every New England state shows up on it. Here are the numbers of companies from the other states: Connecticut, two; New Hampshire, five; Maine, five; Rhode Island, six; and Vermont, one.

It’s no surprise that many of the fast-growing 50 are startups. But not all.

In fact, coming in at No. 40 is a Cambridge business that grew revenue 59% to $17.7 million – and was founded in 1831.

That makes Mount Auburn Cemetery the oldest ranked business, and perhaps one of the most unusual businesses among the 50. It's certainly the only cemetery.

The fastest-growing company in New England, ranking No. 1, is Tenovi, a remote health monitoring business in Portsmouth, New Hampshire.

You can read about the companies and get the Globe's complete rankings here.

See Also:

• Here Are The Best Places To Live In MA, New Ranking Says

• Which Cape Community Made The List Of New England's Best Small Towns?