Growth is in the future for America’s mid-sized businesses, suggests new research, and experts say that this indicates positive things for job seekers and the economy at-large.
A recent survey of middle market executives found that they are more positive about the health of their businesses and more optimistic about their prospects for future growth than at any time in the last three years. The survey was conducted by The Harris Poll on behalf of CIT Group Inc., a leading provider of financing to the middle market, in an effort to stay in close touch with trends affecting these businesses.
“Middle market companies are important contributors to a healthy economy,” says Jim Hudak, president of CIT’s Commercial Finance division. “We are encouraged by survey results showing that a large majority of its leadership expect their companies will grow and invest in the year ahead.”
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The majority of executives at middle market companies surveyed say the health of their company is strong (84 percent), that their company is better off today than a year ago (70 percent), and that their company has experienced increases in sales (77 percent), product demand (76 percent), and customers (73 percent) over the past year.
As a group, these executives are pleased with the current state of the economy, and their perceptions on all three economic fronts — local, national and global — have grown increasingly more positive since 2015.
Middle market executives also foresee a brighter future, with a large majority expecting growth over the next 12 months through geographic expansion within the U.S., product diversification, growing the scope of their products and services, and expanding into adjacent markets. What’s more, 81 percent expect to hire additional employees over the next 12 months, and 93 percent plan to invest in their business in 2018.
Despite their general optimism, middle market leaders do worry about such matters as data security, inflation and the challenges of hiring and retaining talent. Lingering economic uncertainty also remains an issue, though less so than in 2016.
Whether you are in the market for a new job, or you want to grow your business, survey results indicating an optimistic middle market is good news for your business and career goals.
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