The Indiana Chamber Foundation conducted research on Indiana middle-market firms nearly a decade ago and initiated programming efforts (that continue today) to help grow those companies.
Now, American Express and Dun & Bradstreet offer the Middle Market Power Index.
The latest report rates Indiana fourth for growth in the number of middle market firms – defined as between $10 million and $1 billion in annual revenues) from 2011 to 2016. The current 3,916 firms in this category constitute an increase of more than 101% from five years earlier.
While small businesses (less than $10 million in revenues in this case) comprise more than 98% of all businesses, Indiana is one of 10 states – in a somewhat Midwest-dominated category – in which middle market firms comprise a greater than average share of companies. The numbers: Illinois and Wisconsin, 1.5% share; Michigan and New Jersey, 1.3%; Indiana, Kansas, Massachusetts, North Dakota, New York and Ohio, 1.2% each.
Maybe part of the explanation for the above is that middle market firms are much more likely to be found in manufacturing (18%) and wholesale trade (17%).
Just as the Chamber found previously, these firms makes an outstanding economic contribution. While comprising just less than 1% of all businesses, they employ more than one in four workers (27%) in the private sector and contribute 26% of revenues.