2025 was a year of recalibration for the U.S. middle market. While economic headwinds—tariffs, inflationary pressures, and global uncertainty—tested resilience, the sector continued to demonstrate adaptability and strength. NCMM’s research, thought leadership and engagement tell the story of what shaped the Market That Moves America.
This year, we doubled down on insights, convened leaders across eight markets, and amplified the middle market voice through top-tier media. Here’s how NCMM made an impact in 2025.
The Big Picture: Middle Market Performance
The middle market remains the growth engine of the U.S. economy, but 2025 brought a tempered outlook compared to post-pandemic highs. According to the Middle Market Indicator (MMI):
- Revenue Growth: Averaged 10.7%, down from 12.4% in 2024.
- Employment Growth: Softened to 7.3%, reflecting cautious hiring amid cost pressures.
- Confidence: While optimism dipped slightly, 84% of companies reported revenue growth, and nearly two-thirds anticipate expansion into 2026.
These numbers underscore a key theme: adaptability. Companies focused on profitability, risk management, and strategic investment in technology to navigate uncertainty.
2025 by the Numbers:
Think of this as NCMM’s “Wrapped”—a snapshot of what we delivered to the middle market community:
- 2 Middle Market Indicators: Benchmarking performance and sentiment across the sector.
- 3 Research Reports: Deep dives into growth strategies, risk mitigation, and innovation as well as a look-back on the center’s accomplishments in the last two years.
- 5 Case Studies: Real-world examples of resilience and transformation.
- 12 Podcasts: Conversations that matter, featuring diverse voices and actionable insights.
- 27 Events in 8 Markets: From executive forums to policy academies, we connected leaders nationwide.
- 4 Top-Tier Media Placements: Elevating the middle market conversation in national outlets.
Highlights & Insights
1. Research That Matters
Our reports tackled pressing issues:
- Risk Management in Volatile Times: The MMI explored how firms are hedging against tariff uncertainty and supply chain disruptions.
- Private Equity on Value Creation: Studied the correlation between private equity ownership and more profitable growth
- North America: Through the Middle Market Indicator, NCMM was able to, for the first time, survey middle market firms across all of North America – Canada, US, and Mexico to understand the importance of the middle market across all three markets.
2. Case Studies: Lessons from the Field
From manufacturers embracing sustainability to service firms leveraging data analytics, our case studies showcased innovation in action. These stories provided practical insights for leaders navigating similar challenges.
3. Conversations That Count
Through 12 podcast episodes, we brought together CEOs, economists, and policy experts to discuss trends shaping the middle market. Topics ranged from capital access to ESG strategies—helping leaders stay informed and inspired.
4. Convening Power: Events Across 8 Markets
NCMM attended 27 events, including executive roundtables, regional forums, and national conferences. These gatherings fostered collaboration, knowledge sharing, and advocacy for middle market priorities.
5. Media Impact
With 4 top-tier media placements, NCMM amplified the middle market voice in national conversations—ensuring policymakers and influencers understand the sector’s critical role.
Looking Ahead: Celebrating 15 Years of NCMM
In 2026, NCMM celebrates its 15th anniversary. This milestone highlights our commitment to research, thought leadership, and middle market advocacy. With ongoing initiatives and new opportunities, NCMM aims to strengthen its impact on this vital part of the economy. Join us as we mark 15 years of data-driven insights, collaboration, and action for the Market that Moves America.
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Explore our full library of reports, podcasts, and case studies at middlemarketcenter.org. Join the conversation and help shape the future of the middle market.