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Execs upbeat on economy

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  • | 7:48 a.m. October 18, 2013
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Middle market executives are clearly an upbeat bunch of business leaders — even in the face of an onslaught of potential problems.

How else to explain the results of a new survey from CIT Group, a financing and advisory firm for small businesses and middle market companies? The survey, for one, finds a majority of middle market executives, 55%, say their companies are better off today compared with a year ago.

There's also these nuggets: Nearly six out of 10 respondents, 59%, say they expect to increase the range of products and services they offer, while 55% anticipate an expansion into adjacent markets. Finally, almost half the respondents, 46%, expect to increase the size of their workforce.

Threats, of course, linger. On that front, 81% reported worries about economic uncertainty in the U.S., and another 70% say they are concerned about those issues abroad. Just about three-fourths of the respondents, 74%, worry about potential tax increases, while 70% profess anxiety over compliance with the Affordable Care Act and 66% worry about onerous government regulations. More than half, 54%, believe rising interest rates would negatively impact their business.

The executives polled by CIT for the survey are in leadership roles at firms nationwide with annual revenues between $25 million and $1 billion.

“As one of the leading job creators in the United States and the economic backbone of America, middle market companies are looking to grow their businesses but feel greater attention needs to be paid to the policies that directly affect their companies and their concerns on Capitol Hill,” CIT Chairman and CEO John Thain says in statement.


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