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This study devotes attention to the intersection of two research areas: business development and metropolitan economic evolution. The analysis identifies businesses included in the 2000–2008 Inc. 500 annual rankings of high-growth firms (HGFs) in the United States, and tracks these firms in the years following their Inc. 500 appearance. The research finds that most HGFs have an extended record as independent businesses, with firm failure rates falling far lower than those associated with business continuation. The study also shows that HGF acquisition activity varies greatly among U.S. Metropolitan Statistical Areas (MSAs), with Boston and Austin leading as hosts to HGFs that became acquisition targets. Finally, the analysis shows that Phoenix and Indianapolis lead all others in hosting HGFs with extended growth periods. The article argues these MSAs have the potential to play a role in shifting the U.S …