Greater Philadelphia’s middle market, business that generate between $10M to $1B in annual revenue, have a significant economic impact on the regional economy. The Chamber has been working with support from the National Center for the Middle Market to help set the groundwork to maximize the growth potential of Greater Philadelphia’s middle market.
The Center has identified in its latest 3rd Quarter Middle Market Indicator, that despite middle market businesses accounting for just 3% of all U.S. companies, they represent 33% of private sector GDP and employ almost 48 million people, and collectively make up the 3rd largest global economy. Because of this, the national center has already conducted studies with the states of Ohio and Illinois to analyze and identify opportunities for their middle markets.
The Center’s mission to develop communities and networks among middle market businesses is one of their top priorities and has now created partnerships with a number of chambers and business advocacy organizations across the country, including the Columbus Chamber of Commerce, Greater Cleveland Partnership, Chicagoland Chamber of Commerce, Illinois Chamber of Commerce, and, Detroit Regional Chamber.
The National Center for the Middle Market has been helping these regions across the country to tap into this growth sector with tools like their recent Mastering Talent Planning: A Framework for Success report. Through the Chamber’s Middle Market Action Team (MMAT), we’ve been working to develop a regional strategy of our own for how we can best address the needs of Greater Philadelphia’s middle market businesses, in which next steps are outlined in our soon-to-be released comprehensive report on January 31, 2017.
On Tuesday, January 31 join us to explore what the Chamber’s report findings indicate about our region’s middle market and why supporting growth within this segment has broad implications for the overall regional economy. You will hear from featured speakers, including Thomas Stewart, Executive Director, National Center for the Middle Market, who will discuss how regions and cities across the U.S. are activating their middle market, and Mike Kerlin, Partner at McKinsey & Company, who will highlight the report findings. A conversation among regional middle market executives will follow to explore how the business community can collaborate to better support this market sector. Learn more and register »