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Ohio's middle-market growth improves, tops national trend

Ohio’s middle-market companies’ year-over-year revenue growth in 2015 improved compared to 2014, according to the National Center for the Middle Market’s 4Q 2015 Middle-Market Indicator report (MMI) released last week.

Last year’s Ohio revenue growth rate was reported at 6.6 percent, compared to 5.4 percent at the end of 2014.

As a result, Ohio's middle-market revenues topped the national 2015 growth rate of 6.1 percent, which was one full percentage point lower than what was reported at the end of 2014.

In addition, more Ohio companies are poised to invest going into 2016 than nationally—66 percent compared to 61 percent. That’s significantly higher than what Ohio companies were saying at the end of 2014, when 53 percent said they had plans to invest.

“Ohio middle-market companies continue to demonstrate their importance to the state’s economy,” said Greater Cleveland Partnership Board member Bernie Moreno, who chairs the GCP’s Middle-Market Committee. “The GCP recognizes the key role these companies play and we’re focused on providing the resources needed to help sustain and increase that growth of our region’s businesses.”

Ohio companies also are expecting a higher employment growth rate than the national average over the next 12 months—4.0 percent compared to 2.7 percent.
The National Center for the Middle Market, a collaboration between The Ohio State University Fisher College of Business and GE Capital, is a strategic partner of the Greater Cleveland Partnership’s Middle-Market Initiative.