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Middle market companies, defined as companies with $10 million to $1 billion in annual revenue, are becoming an increasingly crucial sector for job growth nationwide. Since 2011, these companies account for more than half of the new jobs created nationwide.
Florida, however, has the lowest concentration of middle market companies of any state, according to the latest Middle Market Power Index report from American Express and Dun & Bradstreet. Florida has 9,301 middle market companies, making up just 0.48% of total businesses statewide, the report states. That share is less than half the national rate of 0.97%. Virginia, at 2.94%, posted the highest rate of middle market companies among all states. (Puerto Rico outpaced Virginia, with a 5.32% rate.)
Since 2011, the number of middle market firms nationwide has jumped significantly, growing by nearly 84%. Florida is ranked 37th of the 50 states for growth in the number of middle markets firms during that period, with a growth rate of 72%, the report shows.
Nationwide, middle market companies employ about 27% of employees in the private sector, and contribute about one in four dollars, according to the study.
“Middle market firms are responsible for much of the economic growth we have experienced over the past several years,” says Nalanda Matia, lead economist at Dun & Bradstreet, in the report. “These companies are clearly growth-oriented and are indicative of where the economy may outperform in the years ahead.”
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