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By: Benyamin Davidsons
Crain’s NY has published it’s annual list of the 100 largest privately held businesses in New York, ranked based on 2023 revenue. As reported by Crain’s NY, on these companies experienced impressive revenue increases of 15% on average, from 2022 to 2023. Also,
2023’s median revenue jumped about 15 percent, up close to $660 million.
Together, the named companies contributed roughly $208.9 billion in revenue to the Big Apple’s economy in 2023. The 100 private firms currently employ more than 171,000 workers collectively. The private company at the top of the list was Bloomberg again in first place with $12.5 billion in revenue. Hearst recurrently held the second-place spot with $12 billion in revenue. The third largest privately held company based on 2023 revenue was Major League Baseball, which boasted $11.3 billion.
The leading industry on the Crain’s list was the construction, architecture and engineering sector. There were 23 top 100 companies listed for the industry, with an average revenue increase of close to 18% last year. STO Building Group (No. 4 on the list), a construction management and general contracting company, soared above of the other companies, boasting about $11.1 billion in revenue, up about 7% over 2022.
The second biggest sector for revenue was the business services industry, with 14 companies listed. These companies posted a modest 2.2 percent increase over 2022. Standard Industries (No. 5 on the Crain’s list), which includes sectors from logistics to real estate, leads this sector, boasting $11 billion in revenue.
Crain’s list placed the food and beverage industry with the third most companies, with nine businesses with top revenues. In this sector, there was an average uptick of roughly 2% in revenue for 2023. Bowery Farming (No. 26 on the list), a vertical farming and digital agriculture company, leads the sector with revenue of about $2 billion.
Overall, the industry with the most revenue growth for the year was the technology and telecommunications sector, which saw an average increase of 96% in revenue over 2022. This industry’s growth was led by Wiz (No. 40 with $1 billion in revenue), a cloud security platform, which saw the biggest revenue increase— a whopping 400% jump in revenue from 2023 to 2022, per data from PitchBook. The media and marketing sector saw the second largest growth, with average revenue increasing 48.4%. Utilities was next with an average of 19% growth in 2023 revenue, compared to 2022. Retail was shown to have experienced the fourth best growth, with an average revenue increase of 20%, per Crain’s list.
The sector with the greatest decrease in revenue was the Mining and natural resources industry, posting a decline in revenue averaging 51%. The manufacturing sector saw the next largest decline, with an average drop of 20% in revenue, for the 100 behemoth companies on the list. Per Crain’s exclusive list, the company with the greatest dollar decrease in revenue was Trammo Inc., No. 19 on the list with $3.1 billion in revenue. The commodity merchandising, distribution and transportation company saw its revenue down close to 52%, compared to 2022.
