While middle market executives in the United States remain concerned about economic uncertainty, most report their companies are on solid ground and 4 in 10 expect to expand their workforce in the next year, according to a new CIT Group report.
In the report, 53% of middle market executives say their companies are stronger today than before the Great Recession.
CIT Group Inc. is a provider of financing to small businesses and middle market companies.
Middle market executives said that, in the next 12 months, their companies will likely:
* 65% - increase the range of products and services they offer in current markets
* 58% - expand into adjacent markets
* 54% - enter other geographic regions
* 42% - expand their workforce in the coming year.
"Middle market companies have long been the backbone of the U.S. economy, employing tens of millions of Americans and generating trillions in revenue annually," said John A. Thain, CIT chairman and CEO.
The research shows that a vast majority of middle market executives agree that middle market companies are:
* 97% - job creators
* 95% - barometers of the U.S. economy
* 90% drivers of innovation
The online survey was conducted by KRC Research among 300 U.S. middle market executives in a range of industries, in firms whose revenue was between $25 million and $1 billion.
Dr. Arnoldo Hax, Alfred P. Sloan Professor of Management Emeritus and a Professor of Technological Innovation, Entrepreneurship, and Strategic Management at the MIT Sloan School of Management, provided guidance and insight during the research process.
"Although they might often be overlooked for more blue chip companies, the middle market is a critical component of the U.S. economy today," said Dr. Hax. "The factors that are explored in this research study are of great centrality for every company, but they are particularly critical for the middle market, given the imperative that relies upon them to achieve success."
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