Daily News: May 10, 2013

GE Capital Roadshow for Growth Hits Chicago

GE Capital and Slate’s Roadshow for Growth rolled into Chicago as part of a six-month, 20-city tour that will address the issues of middle market businesses, a sector that generates $9 trillion in annual revenue and accounts for nearly 34% of total U.S. employment.

This latest report notes that according to new research released by the National Center for the Middle Market (NCMM), mid-sized companies in the Chicago Designated Market Area (DMA) experienced revenue growth of 4.9% versus 2.9% for S&P 500 in 2012.

Among the key findings of the study, conducted by the NCMM, are:

  • Chicago’s middle market totals over 1.7 million employees and is expected to grow 2.1% in 2013; approximately 36 thousand employees.

  • Chicago’s mid-sized companies are resilient, with an average company age of 35 years, compared to 31 years for the U.S. middle market and six years for U.S. small businesses.

  • Chicago’s middle market comprises only 1% of total companies in Chicago, but generates 21% of the total revenue. That’s 4,678 companies generating $213.2 billion in revenue.

  • The manufacturing segment is the middle market’s largest source of revenue in Chicago at approximately $71 billion in 2012, and the services segment is the biggest source of jobs with approximately 769,000.

    “When middle market companies do well, the economy does well,” said Mike Pilot, chief commercial officer of GE Capital. “As the leading lender to the middle market and sponsor to a number of programs to help this critical segment of the U.S. economy grow, we think helping convene a dialogue around the needs of our customers is critical to driving economic growth and creating jobs. From the National Center for the Middle Market to the Roadshow for Growth, our goal is to help policymakers and job creators alike understand that the middle market is the market that drives America.”