Houston boasts impressive presence on annual list of fastest-growing businesses

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The Inc. 5000 list is out — here's how Houston faired this year. Photo by Natalie Harms

One hundred businesses in the Houston area — including the top-ranked company in Texas — have been named to the 2024 Inc. 5000 list of the country’s fastest-growing private companies.

The 2024 Inc. 5000 ranks companies based on their percentage growth in revenue from 2020 to 2023.

Topping the list of Houston-area companies on the list is The Woodlands-based Segment HR, which notched revenue growth of 7,353 percent. That growth rate earned Segment HR the No. 32 spot on the national list and the No. 1 ranking in Texas.

Founded in 2018 by former federal HR specialist Robin Scott, Segment HR specializes in providing HR support for federal agencies. The company employs remote HR specialists in 23 states and the District of Columbia.

Here’s the list of the top 25 Houston-area companies in the 2024 edition of the Inc. 5000, including each company’s headquarters city, growth rate, and national ranking:

  • Segment HR, The Woodlands, 7,353 percent, No. 32
  • Dhanani Private Equity Group, Stafford, 3,617 percent, No. 89
  • Realty.com, Houston 3,052 percent, No. 107
  • Turtlebox Audio, Houston, 1,913 percent, No. 209
  • Amundson Group, Houston, 1,306 percent, No. 332
  • Valiant Business Lending, Houston, 1,286 percent, No. 337
  • Strategic Office Support, Houston, 1,192 percent, No. 367
  • 10xTravel, Houston, 1,102 percent, No. 401
  • NOW Insurance, Houston, 797 percent, No. 559
  • Explore Group, Houston, 796 percent, No. 562
  • Specialty1 Partners, Houston, 728 percent, No. 631
  • FINBOA, Houston, 714 percent, No. 650
  • BroCoTec, Houston, 687 percent, No. 690
  • Elite Roofing, Houston, 675 percent, No. 706
  • Patriot Bolt, Humble, 641 percent, No. 757
  • CT Sounds, Houston, 624 percent, No. 789
  • Supreme Jewelers, Friendswood, 525 percent, No. 965
  • Dometik Commercial Construction, Cypress, 477 percent, No. 1,070
  • Vape City, Houston, 459 percent, No. 1,116
  • Highlands Construction, Houston, 451 percent, No. 1,132
  • Houston Tents and Events, Houston, 438 percent, No. 1,171
  • Goebel Fasteners, Houston, 385 percent, No. 1,340
  • Field Industries, Houston, 376 percent, No. 1,366
  • Coverflex Manufacturing, Houston, 365 percent, No. 1,410

“One of the greatest joys of my job is going through the Inc. 5000 list,” says Mike Hofman, editor-in-chief of Inc. magazine. “To see all of the intriguing and surprising ways that companies are transforming sectors, from health care and AI to apparel and pet food, is fascinating for me as a journalist and storyteller.”

Elsewhere in Texas:

  • Austin-based Maev led the Austin-area pack with a growth rate of 6,734 percent, earning the No. 38 spot on the national list.
  • Dallas-based Archer Review led the Dallas-area pack with a growth rate of 5,771 percent, earning the No. 46 spot on the national list.
  • LaVernia-based Begesh led the San Antonio-area pack with a growth rate of 1,111 percent, earning the No. 396 spot on the national list.
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Texas has been known for ages as a business-friendly state, but one recent report suggests it might be falling from grace. Photo via Getty Images

Texas' business friendliness gets mixed reviews from 2 recent reports

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It’s a tale of two views of Texas’ business-friendly reputation. For the first time ever, the Lone Star State has fallen out of the top five in CNBC’s annual ranking of the best states to do business. Meanwhile, Texas tops Business Facilities’ new ranking of the best state business climates.

On July 11, CNBC released the 2023 edition of its ranking of the top states for doing business. The ranking puts Texas at No. 6, leaving the Lone Star State out of the top five for the first time since CNBC launched its study in 2007. Texas appeared at No. 5 in 2022 and No. 4 in 2021. The state finished first in 2008, 2010, 2012, and 2018.

For the second consecutive year, North Carolina leads the CNBC ranking, thus “solidifying its position as an economic powerhouse,” according to the Economic Development Partnership of North Carolina.

Despite dropping out of the top five, CNBC acknowledges that Texas remains an economic powerhouse.

Texas grabs CNBC’s No. 2 spot, behind Florida, for the best state economy. And the state witnessed year-over-year job growth of four percent through May, the highest rate of any state. Furthermore, Texas ties with California for access to capital, the study says, and snags the No. 2 spot in the workforce category.

Texas’ fall this year includes a slide from No. 15 to No. 24 in the infrastructure category. CNBC mentions the 2021 wintertime collapse of the state’s electric grid in its explanation of the nine-spot drop.

Other knocks against Texas:

  • A decline from No. 21 to No. 35 in the education category.
  • A dip from No. 12 to No. 16 in the cost-of-doing-business category.
  • A plunge from No. 14 to No. 22 for cost of living.
  • A bottom-of-the-barrel ranking in the life, health, and inclusion category, down from No. 49 last year.

In an email to CNBC, an unnamed spokesman for Gov. Greg Abbott shrugged off this year’s sixth-place showing.

“People and businesses vote with their feet, and continually they are choosing to move to Texas more than any other state in the country,” the spokesman wrote.

The spokesman cited the state’s national lead in job creation, attracting more than 280 new corporate headquarters since 2015, and its status as a perennial front-runner in economic development projects.

“Texas remains number one because people and businesses are choosing our state over any other for the unmatched competitive advantages we offer: no corporate or personal income taxes, a predictable regulatory climate, and a young, skilled, diverse, and growing workforce,” the spokesman wrote.

While Texas didn’t fare as well in this year’s CNBC study, it can brag about its 2023 designation as Business Facilities magazine’s state with the best business climate. In second place: North Carolina.

“The strength and sustained momentum of the Texas economy made the state a clear choice for [No. 1] in this year’s rankings,” Anne Cosgrove, editorial director of Business Facilities, says in a June 26 statement. “Taking the top spot this year is based not only on the impressive capital investment and job creation numbers, but also for diversity of industries, robust infrastructure, and a business-friendly regulatory and tax climate.”

Abbott took the opportunity to publicize the No. 1 ranking from Business Facilities.

“When businesses succeed, so do Texans — and our business climate ensures that Texas continues to offer world-class educational opportunities, good-paying careers to support families, and endless possibilities to prosper,” Abbott says in a news release.

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$5B Austin medical center, anchored by MD Anderson, to break ground this fall

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Construction on the $1 billion first phase of the AI-native University of Texas Dell Medical Center in Austin—which will feature a hospital operated by Houston’s UT MD Anderson Cancer Center—is set to start this fall.

The UT System Board of Regents approved funding for first-phase construction on Aug. 12.

The medical center—now expected to cost $5 billion, up from the initial $2.9 billion estimate—will span about 2.5 million square feet. It will include 300 to 500 patient beds, outpatient facilities, an emergency department and specialized care for cancer patients.

MD Anderson will bring its world-renowned oncology programs to the center’s integrated health care model, Dr. Claudia Lucchinetti, senior vice president of medical affairs at UT Austin and dean of the university’s Dell Medical School, tells Health Leaders.

Earlier this year, Austin tech billionaire Michael Dell and his wife, Susan, pledged $750 million for development of the medical center. The medical center, scheduled for completion in December 2030, will be a cornerstone of the new 300-acre UT Dell Campus for Advanced Research, a medical education and research hub.

“Through this new campus and medical center, Texas will lead America in health care innovation,” Gov. Greg Abbott said when the research campus was announced in April. “The next generation of medical breakthroughs will take place in Central Texas.”

The medical center will fold AI tools and other technology into the infrastructure, rather than having them added after it’s built. Among other capabilities, the technology will monitor real-time medical data, automate data entry, and help health care professionals quickly predict and identify risks to patients, according to Health Leaders.

“We are not just building a new medical center,” Lucchinetti says. “We are building a fundamentally new model of health. It’s not just a new facility. It’s not just a new collaboration. It is a convergence of capabilities that rarely come together at the same time.”

Houston hospital ranks among 20 best in U.S. & more top innovation news

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Editor's note: August is off to a strong start with these five big innovation headlines to know. From the annual U.S. News ranking of best hospitals to a big Series A raise, here are the most-read Houston innovation stories published July 31-August 14, 2026:

1. U.S. News declares Houston hospital No. 1 in Texas for the 15th year

Houston Methodist Hospital and over a dozen more Houston-area hospitals have earned bragging rights in U.S. Houston Methodist was also the only Texas institution named on U.S. News' Best Hospitals Honor Roll, a prestigious list of the 20 best medical centers in the country. Houston Methodist also reigns as Texas' best hospital for the 15th consecutive year. Continue reading.

2. Houston startup lands $10M to power up electrician staffing platform

Houston-based Buildforce, which provides a tech-enabled staff platform geared toward electricians and electrical contractors, has raised a $10 million Series A round led by Houston’s Saepio Capital. Other investors in the round include Blue Heron Capital, Revolution’s Rise of the Rest Seed Fund, S3 Ventures and Chicago Ventures. Buildforce says the funding will help fuel its national expansion and further development of its technology. Continue reading.

3. UTHealth Houston joins NASA initiative to protect border drinking water

Climate change means far more to public health than living with hotter days. Transformations in our weather are contributing to challenges in accessing safe drinking water in some communities. One of the most dire situations is along the US–Mexico border. NASA is seeking to address that issue with its Water Quality Applications program. An 11-researcher project led by a UTHealth Houston School of Public Health faculty member has been selected to participate. Continue reading.

4. KBR unveils name, branding for new government services spinoff

Houston-based KBR Inc.'s new Mission Technology Solutions unit officially has a name. The previously announced government services spinoff, which until now has been nicknamed SpinCo, will now be known as Trinzic. The company said in a news release that the name was inspired by the word intrinsic, "reflecting essential, built-in capabilities and deep expertise operating in some of the world’s most complex and mission-critical environments." Continue reading.

5. Who are Houston's top innovators? Nominate now for 2026 Houston Innovation Awards

Calling all Houston innovators: The 2026 Houston Innovation Awards, presented by InnovationMap, return this fall to celebrate the best and brightest in the Houston innovation ecosystem right now. We're asking you to nominate Houston's top innovators and startups for this year's awards. Nominations are open through August 27 and can be made on behalf of yourself, your organization, and other influential leaders in the local innovation scene. Continue reading.

Rice lands $15M U.S. Army award to launch next-gen wireless research center

defense funding

The U.S. Army Research Office has awarded Rice University $15 million to establish a new center for next-generation sensing and communications.

The five-year research center—dubbed the Center for Large Aperture Secure Sensing, Imaging and Communications (CLASSIC)—will unite researchers from universities and national laboratories to develop advanced antenna technologies for future wireless systems. Edward Knightly, the Sheafor-Lindsay Professor of Electrical and Computer Engineering at Rice, will lead the center that “combines expertise in wireless networking, antennas, radar, artificial intelligence, circuits and physics to address growing demands on wireless systems,” according to Rice.

“The challenges we’re tackling require advances that span physics, hardware, communications and computing," Knightly said in a news release. “By combining those strengths in a single center, we can accelerate the development and demonstration of technologies that would not be possible through individual efforts alone.”

Joining Knightly will be Ashutosh Sabharwal of Rice, Sensen Li of the University of Texas at Austin, Hou-Tong Chen of Los Alamos National Laboratory, Danijela Cabric of UCLA, Josep M. Jornet and Tommaso Melodia of Northeastern University, Daniel M. Mittleman of Brown University, and Willie Padilla of Duke University.

Industry partners include Booz Allen Hamilton, Intel, Keysight, Lockheed Martin, MITRE, Northrop Grumman, Qualcomm and Raytheon.

CLASSIC researchers will investigate how large-scale antenna arrays (ELSAAs) can expand the capabilities of wireless systems where technology is limited.

ELSAAs use thousands of coordinated antenna elements to direct radio waves. Researchers aim to develop ways to use the technology to help maintain steady communication when signals are blocked or disrupted and to detect and generate detailed images of concealed objects.

Along with ELSAAs, the center will work to develop sensing techniques for threat detection, study wireless jamming and build resilient high-speed wireless networks. Researchers will ultimately validate the technology in labs and via drone-based field trials.

CLASSIC will also work on developing an AI-driven modeling framework that will simulate complex electromagnetic environments in real time.

“This award demonstrates Rice’s leadership in tackling complex national research challenges through collaboration across disciplines and institutions,” David Sholl, executive vice president for research at Rice, added in the release.

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