New York’s Middle Market was the focus of a panel discussion yesterday facilitated by The Business Council’s Vice President of Government Affairs Ken Pokalsky and led by Executive Director of National Center for the Middle Market Thomas A. Stewart.
Panelists included Simmons Machine Tool Corporation President & Chief Operating Officer David William Davis, Hannay Reels, Inc. Chairman of the Board Roger Hannay, Mohawk Fine Papers Inc. Chairman & CEO Thomas O’Connor, Jr., and The Center for Economic Growth’s Executive Vice President Jeff Lawrence.
New York has one of the largest middle market sectors in the U.S. with at least 10,000 businesses, employing more than 4 million New Yorkers, or 30 percent of the New York workforce. Defined as companies with annual revenues of $10 million to $1 billion, these companies also generate 18 percent of the state’s total revenue, approximately $500 billion in annually.
Executive Director of National Center for the Middle Market Thomas A. Stewart told The Albany Business Review’s Krystle Morey that middle market companies are “the unsung heroes of American business.” While most of the buzz surrounds large companies or the small business, Stewart says middle market companies account for approximately one-third of jobs and one-third of GDP.
Research from the National Center for The Middle Market highlights the diversity of the middle market that is comprised of business services (32 percent), manufacturing (14 percent),finance, insurance and real estate (12 percent), wholesale (13 percent) and retail (10 percent). Other industries comprising the middle market include transportation, communications, utilities, construction and healthcare.
The National Center for the Middle Market is a collaboration between GE Capital and The Ohio State University Fisher College of Business. Visit www.middlemarketcenter.org for more information.