Milwaukee–Waukesha Named Fastest-Growing Metro area

The Milwaukee–Waukesha metropolitan area topped Inc. magazine’s 2025 Inc. 5000 ranking as the fastest-growing metro area in the country, with a median revenue growth rate of 358% for firms on the list between 2021 and 2024 according to data shared by the publisher.

The magazine’s annual Inc. 5000 ranks companies by percentage revenue growth over a three-year period. To qualify, firms must have been founded and earning revenue by March 31, 2021, be U.S.-based, privately held and independent, and meet the minimum revenue thresholds: at least $100,000 in 2021 and at least $2 million in 2024. 

Inc. says that collectively, the businesses on the list produced more than $300 billion in revenue in 2024, added 536,086 jobs over the last three years and recorded roughly $177 billion in growth since 2021.

This report reinforces the role small to medium businesses (defined as any business with no more than 500 employees) can play in the broader economy. The Brookings Institute previously examined data from the list in 2018, and found that the average business that year had 199 employees and $37 million in revenue, or $47 million when adjusted for inflation.

Bureau of Labor statistics data shows that the unemployment rate has continually declined since the highs of 2009, while small to medium businesses employ almost half of all private sector workers.

Milwaukee–Waukesha’s 358% median growth rate topped other metro ‘growth engines’ identified by Inc., including Chattanooga with 323% and Charleston with 220%. The magazine’s list also reports sector-level gains, with health care and medical companies showing a 210% median growth rate among entrants.

What the Milwaukee result means

A 358% median growth rate reflects a mix of scaling startups, established private firms that accelerated sales, and companies that benefited from regional strengths such as manufacturing supply chains, professional services, technology and health-care enterprises. The result is a pleasant juxtaposition to recent data on startup fundraising in the state of Wisconsin, which indicated that the state lags behind its Midwestern neighbors.  

Nationwide context and methodology

According to Inc., their 2025 data shows median revenue growth of 1,552% among the top 500 companies and 169% median growth across the full 5,000. The list includes companies of widely varying sizes, from solo entrepreneurs to firms with more than 70,000 employees. Inc. also notes there are 41 companies on the list with revenues exceeding $1 billion and 110 companies that have made the Inc. 5000 at least ten times.

The rankings are derived strictly from percentage revenue growth between 2021 and 2024 and the stated revenue floors are the minimum for eligibility.

Do regional rankings matter?

While headline metro rankings like Milwaukee–Waukesha’s 358% can draw attention (hello dear reader), the underlying companies - and the jobs and revenues they generate - are tangible outcomes that can actually shape local economies.  

For those interested in the full details, the complete sortable Inc. 5000 database and company profiles are available here, providing the ability to drill down to the specific Midwest firms and sectors driving growth in each state.