CHICAGO--(BUSINESS WIRE)--GE Capital and Slate’s Roadshow for Growth rolls into Chicago today 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 percent of total U.S. employment. According to new research released today 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.*
“In spite of a challenging economic environment, we are hiring and investing. We call Chicago home, so this is a critical market for us”
Traveling in a branded bus, GE Capital and Slate’s Roadshow for Growth kicked off in Kansas City, continued on to St. Louis and Elkhart, and is wrapping up the week in Chicago. In Chicago, the Roadshow for Growth will hold a town hall meeting to discuss the key drivers of middle market job creation with Mayor Rahm Emanuel, Economist Austan Goolsbee and Startup America CEO Scott Case, moderated by Chairman of The Slate Group and Chicago native Jacob Weisberg. Earlier in the day, new data released in conjunction with the tour will reveal that Chicago’s middle market is growing. 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.”
Marty Ozinga IV, president of Ozinga Bros., Inc. is confident about the future. “In spite of a challenging economic environment, we are hiring and investing. We call Chicago home, so this is a critical market for us,” said Ozinga. “We see tremendous potential for the future yet with increasing taxes, regulation and healthcare costs, we as a mid-sized company are increasingly aware of our stake in this national dialogue."
Over the next six months the Roadshow for Growth will travel to large cities and centers of commerce across the United States to gain real-time feedback from this critical segment of the US economy. Reports, research and video interviews from the tour will be available on roadshow.slate.com. This effort will culminate with the third annual National Middle Market Summit in Columbus, OH at The Ohio State University, where these issues and views will be formally presented and shared with a national audience.
About GE Capital (www.gecapital.com):
GE Capital is one of the world’s largest providers of credit and expertise. For more than 1 million businesses, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. GE Capital is a leader in a number of industries, from airlines, healthcare and energy financing to fleet, franchise and middle market corporate finance. For approximately 80 million consumers, GE Capital offers credit cards and retail sales finance programs. GE Capital is an extension of GE's rich heritage of building and supporting growth, providing customers with insight, knowledge and expertise in addition to financing.
About Slate (www.slate.com):
Slate is a daily magazine on the Web that offers analysis and commentary about news, politics, culture, business, law, and technology. Slate's strong editorial voice and witty take on current events have been recognized with numerous awards, including the National Magazine Award for General Excellence Online and the Missouri Honor Medal for Distinguished Service in Journalism. Reaching 17 million unique visitors per month, Slate is the centerpiece of the Slate Group, an online publishing subsidiary of the Washington Post Co. (NYSE:WPO)
National Center for the Middle Market (www.middlemarketcenter.org):
The National Center for the Middle Market (NCMM) was founded in 2011 in partnership with GE Capital and is located at The Ohio State University’s Fisher College of Business. The Center is the leading source of research on the U.S. middle market economy.
*The Chicago research report from the National Center for Middle Market Research can be provided upon request. Note: estimates based on available data from Dun and Bradstreet and previous research conducted by the National Center for the Middle Market.