Press release from Business Wire
GE Capital and Slate's Roadshow for Growth Comes to Atlanta
<p class='bwalignc'> 20-City Tour to Highlight Importance of Middle Market Businesses Nationwide </p>
Tuesday, July 23, 2013
GE Capital and Slate's Roadshow for Growth Comes to Atlanta07:30 EDT Tuesday, July 23, 2013
ATLANTA (Business Wire) -- GE Capital and Slate's Roadshow for Growth rolls into Atlanta today as part of a six-month, 20-city tour that will address the issues of middle market businesses, a sector that generates $9 trillion in annual revenue and accounts for nearly 34% of total U.S. employment. According to new research released today by the National Center for the Middle Market (NCMM), mid-sized companies in the Atlanta area comprise only 1% of total number of businesses, yet generate 23% of total revenue and account for 28% of Atlanta's employment.*
Roadshow for Growth Bus. (Photo: Business Wire)
Traveling in a branded bus, GE Capital and Slate's Roadshow for Growth started in Kansas City in May. Since then the bus has stopped in cities like St. Louis, Cleveland, Chicago and Detroit. While in Atlanta, the 11th stop on the tour, the NCMM will release new data that shows the importance of the middle market to Atlanta including:
- Consists of approximately 2,800 companies and employs roughly 1.2MM employees
- Grew revenue by 6.2% in 2012 and is projected to continue to grow at a rate of 5.2%
- Employment grew by 1.5% in 2012 and is projected to continue to grow at a rate of 0.7%
- Generated approximately $142.6B in revenue in 2012
- Services segment is the largest source of revenue and jobs, at approximately $63.3B and roughly 646,000, respectively
“When middle market companies do well, the economy does well,” said Mike Pilot, chief commercial officer of GE Capital. “As the leading lender to the middle market and sponsor to a number of programs to help this critical segment of the U.S. economy grow, we think helping convene a dialogue around the needs of our customers is critical to driving economic growth and creating jobs. From the National Center for the Middle Market to the Roadshow for Growth, our goal is to help policymakers and job creators alike understand that the middle market is the market that drives America.”
In Atlanta, the Roadshow for Growth will make several stops at middle market companies, convening a local dialogue on middle market issues.
After the Atlanta stop, the Roadshow for Growth will visit middle market businesses in Dallas, New Orleans and Los Angeles, among other cities. The tour will culminate in Columbus, Ohio at the third annual National Middle Market Summit in late October. At each stop, the Roadshow for Growth will host a variety of events, ranging from town hall discussions and conversations with city mayors to visits with select middle market businesses.
Middle Market Companies Drive Growth across the Nation
According to the NCMM's soon-to-be-released Middle Market Indicator, their quarterly survey of 1.000 middle market executives:
- Nearly 200,000 companies that make up the U.S. middle market will generate approximately 70% of all projected national job growth this year.
- Middle market companies will project 2.5% employment growth in the year ahead, compared with the nation's average projected employment growth rate of 1.11%, based on jobs data from the first half of this year.
- Middle market companies also project 5.8% revenue growth, which far exceeds the S&P 500's estimated revenue growth of 1.2% and the Federal Reserve's estimated GDP growth for 2013 of 2.45%.
- Revenue growth is stabilizing above 5% and employment growth projections have increased 20% over last quarter.
- A record 48% of middle market executives reported confidence in the global economy, compared to 22% last year.
Nearly two-thirds of middle market executives are at least partially confident in the U.S. economy, compared to 50% one year ago.
The second quarter MMI will be released in its entirety on July 24 at www.middlemarketcenter.org.
About GE Capital (www.gecapital.com):
GE Capital is one of the world's largest providers of credit and expertise. For more than 1 million businesses, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. GE Capital is a leader in a number of industries, from airlines, healthcare and energy financing to fleet, franchise and middle market corporate finance. For approximately 80 million consumers, GE Capital offers credit cards and retail sales finance programs. GE Capital is an extension of GE's rich heritage of building and supporting growth, providing customers with insight, knowledge and expertise in addition to financing.
About Slate (www.slate.com):
Slate is a daily magazine on the Web that offers analysis and commentary about news, politics, culture, business, law, and technology. Slate's strong editorial voice and witty take on current events have been recognized with numerous awards, including the National Magazine Award for General Excellence Online and the Missouri Honor Medal for Distinguished Service in Journalism. Reaching 17 million unique visitors per month, Slate is the centerpiece of the Slate Group, an online publishing subsidiary of the Washington Post Co. (NYSE:WPO)
National Center for the Middle Market (www.middlemarketcenter.org):
The National Center for the Middle Market is the leading source of knowledge, leadership, and innovative research focused on the U.S. Middle Market economy. The Center provides critical data, analysis, insights, and perspectives to help accelerate growth, increase competitiveness, and create jobs for companies, policymakers, and other key stakeholders in this sector. Stay connected to the Center by contacting firstname.lastname@example.org.
* Note: estimates based on available data from Dun and Bradstreet and research conducted by the National Center for the Middle Market.
Chad Vonluehrte, 513 349-1144
Holly Colbo, 203-556-6552
Alissa Neil, 646-495-4000
National Center for the Middle Market
Kate Bernard, 202-822-1205
Hamilton Place Strategies