In a panel at the GE What Works Summit on American Competitiveness, policy and business leaders recognized that the 200,000 middle-market companies in the U.S. have untapped potential to create jobs and grow the economy.
The panel was based on a study about the U.S. middle market, which was conducted by the Ohio State Fisher College of Business and GE Capital. Middle-market companies are defined as those with revenues between $10 million and $1 billion that provide approximately 41 million jobs. They also account for 34 percent of total private employment and create more than $9 trillion in combined annual revenues, which makes them critical to America's competitiveness and future.
"Middle-market companies represent critical opportunities for job creation and economic growth," says Tom Quindlen, president and CEO of GE Capital, corporate finance. "As policymakers consider new initiatives to put Americans back to work and to keep our nation on the cutting edge of manufacturing innovation, they must not forget the enduring challenges and significance of middle market companies."
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Of the middle-market firms, the study finds that manufacturers are the second largest industry concentration, representing 17.3 percent of the sector. In comparison to other industries, more middle-market manufacturers experience longer enduring enterprises and higher levels of employment.
"Middle-market manufacturers are currently experiencing a pronounced phase of growth, yet they have real concerns about regulatory compliance and competitiveness that deserve Washington's attention," says Anil Makhija, academic director for the National Center for the Middle Market. "They lack a formal advocate and the resources to share their views on the policy agenda. Today's forum presents a meaningful opportunity to convene a dialogue around how to better support the growth and potential of the middle market."
Although middle-market manufacturers revealed positive balance sheets and levels of corporate debt, they also reported lower access to capital markets and more pressure from international competition than those in other industries. Middle-market manufacturers believe lower cost of capital and the ability to restructure debt are important growth components.
Among the top concerns of surveyed middle-market are cost of regulatory compliance at 75 percent, inflation at 37 percent and international competition at 45 percent.
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