The past 18 months have brought unprecedented challenges to businesses of all sizes, and the U.S. middle market was not immune.

The National Center for the Middle Market (NCMM) has been tracking the performance and sentiments of companies between $10 million and $1 billion in annual revenues since 2012. After experiencing negative growth rates in 2020, average revenue growth for the period of June 2020 to June 2021 was 8%. That’s good news, as average annual growth dating back to 2012 has been approximately 6.5%. However, a closer look reveals a split recovery: 45% of companies reported revenue growth of 10% or more, but another 34% experienced flat or declining revenue.

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