Middle Market Indicator FAQ

The Middle Market Indicator (MMI) is the National Center for the Middle Market’s flagship
survey and economic outlook report. It tracks business performance, sentiment, investment
priorities and growth expectations among U.S. middle market companies.

Middle market companies have historically overcontributed to the economy, making up a
fraction of all businesses but representing roughly one-third of private sector GDP and
employing tens of millions of Americans. Their performance and outlook provide a valuable
indicator of broader economic trends.

While no survey can predict future outcomes with certainty, the MMI has consistently provided
a reliable view of middle market performance and sentiment for more than a decade.
Historically, middle market companies underpromise and overdeliver, with actual results often
exceeding forecasts

The MMI has tracked middle market performance since 2012, with the first report published on
April 30, 2012. It provides one of the most comprehensive and consistent longitudinal datasets
on the U.S. middle market.

The MMI survey is fielded twice each year, in June and December, providing a current
snapshot of middle market performance and sentiment along with historical trend data

Each release includes a full report, key charts and data visualizations, center perspective and
analysis of important business and economic trends affecting the middle market.

The Middle Market Indicator is developed and managed by the National Center for the Middle
Market, housed at The Ohio State University’s Fisher College of Business.

The center inserts topically based questions in each survey. If your organization is interested in
adding a specific question or series of questions to the survey, please contact the center at
middlemarketcenter@fisher.osu.edu.

Each wave of the MMI surveys approximately 1,000 CEOs, CFOs and other C-suite executives
from middle market companies across the United States with annual revenues between
$10MM and $1B. While some respondents may participate more than once, each survey
draws from a broad and representative cross-section of middle market businesses.

The center leverages a proprietary research panel that maintains industry-leading “opt-in”
panels of respondents who have been pre-recruited to participate in surveys. These
respondents remain anonymous to ensure accuracy and privacy.

The survey sample intentionally reflects the diversity of the U.S. middle market across
industries, geographies and ownership types, ensuring results accurately represent the
broader middle market population.

The survey measures revenue growth, employment growth, expansionary activity, investment
plans, economic confidence, business challenges and other factors affecting middle market
companies.

Growth rates reflect the average reported change in revenue and workforce size compared
with the same period one year earlier.

The MMI measures confidence by asking executives to rate their confidence in the global,
national and local economies on a scale ranging from extremely confident to not at all
confident.

The data for each quarter is weighted to ensure that it is balanced to the U.S. Census on the
following criteria: Gross Revenues, Industry and U.S. Census Region. To normalize the
revenue and employment growth distributions, outliers are adjusted using a technique known
as Winsorization.

Since its launch in 2012, the MMI has collected insights from tens of thousands of middle
market executives, creating the most comprehensive and longitudinal dataset on middle
market business performance and sentiment available today.

Since the MMI began tracking the middle market in 2012, middle market companies have
achieved year-over-year revenue growth rates that average 7-8%, consistently outpacing the
broader U.S. economy and demonstrating the sector’s ability to drive economic expansion. In
the post-pandemic era (since Q4 2021), year-over-year revenue growth in the middle market
has averaged approximately 12%.

Historically, middle market companies have grown revenue faster than the companies
comprising the S&P 500.

The middle market has consistently generated employment growth over time, contributing
millions of jobs and often outpacing overall private-sector employment growth. Since the MMI
began tracking the metric in 2012, year-over-year employment growth has averaged
approximately 5%. In the post-pandemic era (since Q4 2021), year-over-year middle market
employment growth has averaged 9-10%.

Historically, middle market companies have grown employment faster than both their smaller
and larger peers.

The MMI tracks executive confidence in economic conditions globally, nationally and locally,
providing a long-term view of how business sentiment shifts in response to economic
opportunities and challenges. On average, since 2021, around three-quarters of companies
have expressed confidence in the global and national economies, while nearly nine out of 10
business leaders consistently express confidence in local economic conditions.

Middle market companies tend to be investment-minded. The MMI tracks investment appetites
and priorities across areas such as technology, talent, capital expenditures, acquisitions and
innovation, revealing how companies position themselves for long-term success. In recent
years, information technology and now, AI, have been top destinations for investment dollars.

The MMI identifies the issues that matter most to middle market leaders, including inflation,
workforce availability, technology adoption and regulatory changes.

Download the latest data files from our website at:
www.middlemarketcenter.org/middle-market-indicator/

Yes. Historical MMI reports and datasets are available, allowing users to explore long-term
trends in middle market performance and sentiment. View the MMI archives here:
www.middlemarketcenter.org/middle-market-indicator/archive/

Business leaders use the MMI to monitor emerging opportunities and risks, inform strategic
planning and better understand how peers are responding to changing economic conditions.

Yes. The MMI provides historical, regional and segment-level data along with an interactive
benchmarking tool that can help leaders compare their company’s performance and outlook
with similar organizations.

MMI reports include analysis by industry, company size, ownership structure and geography to
help leaders understand differences across segments of the middle market. Specifically, the
center segments result by:
Industry (Construction, Financial Services, Healthcare, Manufacturing, Retail Trade,
Business Services, Technology)
Revenue Size ($10M – $50M, $50M – $100M, $100M – $1B)
U.S. Census Regions (Midwest, South Central, Southeast, Northeast, Southwest,
Northwest)

Yes. MMI findings are frequently cited by researchers, media outlets, policymakers and
business organizations seeking to better understand middle market performance, economic
trends and business sentiment.