KeyBank released the results of its Middle Market Snapshot Report, which was conducted in October 2025 to gauge middle market reception of the One Big Beautiful Bill Act (OBBBA). The survey polled nearly 400 executives of middle market businesses with annual revenues ranging from $25 million to $1 billion and found that companies are highly familiar with the bill’s provisions and expect substantial impacts on both the U.S. economy and their individual businesses.
Familiarity High, Expectations Higher
- 60% of middle market companies report being familiar with OBBBA provisions.
- 86% expect the bill’s provisions to have a moderate or greater level of impact on the U.S. economy in the next 12 months, with 45% anticipating significant impact.
- 60% expect a meaningful positive impact on their business in the next two years.
Long-Term Impacts Anticipated
- 89% of companies anticipate at least one significant long-term impact from OBBBA on their business.
- The top three expected long-term impacts are:
- Increased ability to invest in growth and expansion (59%)
- Improved cash flow through accelerated depreciation and capital expenditure incentives (59%)
- Greater certainty and stability in financial planning and forecasting (53%)
Technology Leads Strategic Priorities Post-Enactment
Within 12 months of OBBBA enactment, middle market companies plan to prioritize:
- Upgrading technology or investing in process automation (68%)
- Increasing domestic R&D investment (65%)
- Expanding/reconfiguring supply chain (63%)
- Adjusting debt financing or leverage strategy (59%)
- Accelerating capital expenditures (58%)
- Enhancing employee benefits (57%)
- Investing in clean energy projects (55%)
“The OBBBA represents a pivotal moment for America’s middle market companies,” Ken Gavrity, president of Key Commercial Bank, said. “Our survey shows that business leaders aren’t just aware of these policy changes; they’re already planning how to leverage them for competitive advantage. This proactive stance demonstrates the agility and strategic thinking that makes the middle market such a vital engine of economic growth.”
Gavrity added, “What’s particularly encouraging is the optimism we’re seeing with the middle market segment. These companies recognize opportunities to accelerate innovation, strengthen their balance sheets and position themselves for long-term success. We’re committed to partnering with them every step of the way.”
