Three years ago, the Chamber’s Middle Market Action Team released Mobilizing Greater Philadelphia’s Middle Market, a first-of-its-kind, in-depth analysis of our region’s middle market economy. Thus began our relationship with the National Center for the Middle Market (NCMM). Working together with the local office of McKinsey & Company, we set out to develop an understanding of who our middle market is and how we can be a more effective and indispensable partner to them.
What We Discovered:
Total employment represented by the middle market
Combined revenue for our region’s middle market
Projected revenue growth higher than the middle market nationwide
Recognizing the importance of the middle market to our region, the Chamber partnered with NCMM to set forth in its mission to make Greater Philadelphia a top U.S. region for the middle market with sustained, double-digit growth.
The launch of the report was just the beginning of our partnership. For the past four years, Tom Stewart, Executive Director, NCMM has joined us at our annual January middle market program that gathers hundreds of middle market business leaders to present new report findings. Stewart gives an overview of NCMM’s Middle Market Indicator, a quarterly business performance update and economic outlook survey conducted among 1,000 C-suite executives of companies with annual revenues between $10 million and $1 billion.
In 2019, NCMM surveyed our region’s middle market businesses to see how Greater Philadelphia’s middle market stacks up to the rest of the nation.
Greater Philadelphia Spotlight:
On March 16, NCMM released their 2019 Annual Report: At the Center of Change. The report takes a look at the central role middle market companies have played in driving the U.S. economy and the significant changes these businesses have faced throughout the year, including economic shifts, trade wars, and the growing importance of digital technologies.
The report features results of a survey conducted in partnership with the Chamber’s Middle Market Action Team of our region’s middle market businesses.
Greater Philadelphia’s Middle Market
In 2019, Greater Philadelphia’s mid-sized companies do better than most major regions across the nation.
Greater PHL’s average middle market revenue growth
Northeast’s average middle market revenue growth
United States’ average middle market revenue growth