Fastest-Growing Industries in SBA 504 Lending
| # | Industry | FY2023 | FY2024 | FY2025 | 3-Yr Growth | CAGR |
|---|---|---|---|---|---|---|
| 1 | Fitness & Recreational Sports Centers | $105.0M | $118.6M | $170.0M | +61.9% | 27.2% |
| 2 | Electrical Contractors | $34.7M | $43.7M | $55.8M | +60.6% | 26.7% |
| 3 | Hotels (except Casino Hotels) & Motels | $665.4M | $850.7M | $1,025.4M | +54.1% | 24.1% |
| 4 | Offices of Physicians | $110.5M | $156.1M | $169.0M | +52.9% | 23.6% |
| 5 | Site Preparation Contractors | $32.8M | $47.3M | $49.6M | +51.2% | 23.0% |
| 6 | General Automotive Repair | $76.2M | $83.3M | $110.6M | +45.2% | 20.5% |
| 7 | Elementary & Secondary Schools | $55.2M | $97.7M | $80.1M | +45.1% | 20.4% |
| 8 | Plumbing, Heating & A/C Contractors | $66.9M | $73.3M | $96.2M | +43.9% | 20.0% |
| 9 | General Freight Trucking, Local | $45.4M | $54.3M | $62.5M | +37.7% | 17.3% |
| 10 | Homes for the Elderly | $51.0M | $65.0M | $68.5M | +34.3% | 15.9% |
Source: SBA 504 FOIA data, FY2023–FY2025. Dollar values represent gross approval amounts.
Key Takeaways
Skilled construction trades are broadly expanding: electrical, plumbing/HVAC, and site preparation contractors all grew 50–60%, pointing to sustained demand for building-services businesses acquiring facilities.
Health, wellness, and care show consistent strength: fitness centers (+62%), physicians’ offices (+53%), elder care (+34%), and child daycare (+24%) all grew meaningfully.
Wholesale distribution (both durable and nondurable goods) is quietly one of the fastest-growing segments, suggesting supply-chain and logistics businesses are actively investing in owned real estate.
Hospitality and food service (hotels, full-service restaurants) continue a strong post-pandemic capital investment cycle.
