Greater Philadelphia’s middle market — companies with revenues between $10 million and $1 billion — is critical to growing the region’s economy. They currently represent 27 percent of total regional employment, despite accounting for only approximately one percent of companies. A recent study from the Chamber of Commerce for Greater Philadelphia explores the middle market’s impact on the region’s economy and examines the key findings that distinguish the potential for significant job growth middle market companies can create.
The report, “Mobilizing Greater Philadelphia’s Middle Market”, identifies six key themes that could encourage middle market growth in the region: STEM and front-line talent, sustaining growth in closely held businesses, access to capital needed for growth, business climate, transportation infrastructure and industry hubs and startup pipeline.
Although middle market companies are often overlooked, they have a combined revenue of over $180 billion in Greater Philadelphia alone, and publicly traded middle market companies in the 11 counties have outperformed their larger peers. These companies have revenue growth estimated at 4.8 percentage points higher than the national middle market projection, but they will only achieve that if they receive the support needed from state and local governments, colleges and universities, and economic development organizations.
“In order to ensure the growth of our regional economy, we need to understand and support Greater Philadelphia’s middle market,” said Rob Wonderling, President and CEO of the Chamber of Commerce for Greater Philadelphia in a press release. “Our Chamber is convening middle market executives and stakeholders through our recently launched Middle Market Action Team in order to identify and act on opportunities that support these vital job creators in our community.”
The full report is available at http://chmbr.biz/MidMarketPHL-Report.