This is the 4683rd most frequent Japanese word.
新興
"新興" means "emerging" or "rising."
In this sentence, '新興' (shinkou) is used to describe '企業' (kigyou), meaning businesses, indicating that the businesses are newly emerging or starting to develop.
新興企業が増えている。
Emerging businesses are increasing.
Here, '新興' refers to '市場' (shijou), which means markets, describing markets that are newly developing or gaining prominence on a global scale.
彼は新興市場を研究している。
He is studying emerging markets.
The term '新興' in this sentence is used with '住宅地' (juutakuchi), which refers to residential areas, denoting that the area has been recently developed or established as a residential region.