Unleashing the World’s 5th Largest Economy … in DetroitNovember 19, 2015
The Detroit Regional Chamber and National Center for the Middle Market (NCMM) today announced a partnership to drive growth, increase competitiveness and job creation for middle market companies throughout Michigan. The Middle Market Council is the first of its kind in the state and will provide resources, research and events connecting middle market businesses, which account for approximately 30 percent of employment in metro Detroit.
“Our recent resurgence serves as a reminder of the incredible economic potential of this region,” said Tammy Carnrike, chief operating officer of the Detroit Regional Chamber. “Even with this momentum, there’s so much more room to grow in the middle market. This partnership will help mid-size job creators navigate the unique challenges they face and help unlock their full potential.”
The U.S. middle market:
- Consists of companies with annual revenues between $10 million and $2 billion.
- Represents approximately three percent of all U.S. companies, but accounts for one-third of U.S. private sector GDP and jobs.
- Produces more than $10 trillion in annual revenue, which would rank it as the fifth largest global economy.
- Created 60 percent of all new jobs in 2014.
“Too often all the attention goes to the start-up or the Fortune 500 corporation,” said Thomas A. Stewart, executive director of NCMM, which serves as the nation’s foremost expert and leading source for U.S. middle market. “While those businesses are important, the fastest growth comes from the middle market. Regions that are serious about creating jobs, increasing GDP and improving their economic outlook must have a middle market strategy.”
The partnership combines NCMM’s renowned research and innovative education tools and the Chamber’s regional advocacy, events, influence and network. The Council will bring together the Detroit region’s middle market executives and businesses to overcome the challenges they face in growing their operations.
The organizations will provide resources for middle market to retain and attract top-notch talent, navigate government regulations, outperform competitors, manage and increase capital, and accelerate business growth.
The long-term strategy includes several events such as forums featuring national thought leaders, peer networking opportunities and an annual summit. It will also provide quarterly data reports on national trends executives can use to inform business decisions.
Founded in 2011 in partnership with GE Capital, and located at The Ohio State University Fisher College of Business, the NCMM is the leading source of knowledge, leadership and innovative research on the U.S. middle market economy.