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(June 12, 2013) — GE Capital and Slate’s Roadshow for Growth rolls into Pittsburgh today as part of a six-month, 20-city tour that will address the challenges and opportunities facing 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 Pittsburgh area comprise only 1% of total businesses, yet generate 29% of total revenue and account for 34% of Pittsburgh’s employment.*
Traveling in a branded bus, GE Capital and Slate’s Roadshow for Growth started in Kansas City last month. While in Pittsburgh, the seventh stop on the tour, the NCMM will release new data that shows the importance of the middle market to Pittsburgh, including:
- Consists of approximately 1,611 companies and employs roughly 514,000
- Grew revenue by 6.7% in 2012 compared to large firms at a rate of 2.9%
- Employment grew 4.0% in 2012 and is projected to continue to grow at a rate of 1.6%
- Generated approximately $72.4 billion in revenue in 2012
- The Services segment is the largest source of revenue and jobs, at approximately $32.8 billion and roughly 255,000 employees, 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 Pittsburgh, the Roadshow for Growth will make several stops at middle market companies, convening a local dialogue on middle market issues. The roadshow will also host a customer event at the Sports Museum in the Heinz History Center, where GE Capital’s Mike Pilot will interview NHL Hall-of-Famer Ron Francis about competing to win, his career as a former Pittsburgh Penguin and his current role as director of hockey operations and a part owner of the Carolina Hurricanes.
After the Pittsburgh stop, the Roadshow for Growth will visit middle market businesses in Cleveland, Detroit, Charlotte, Dallas, Atlanta, 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 of these stops, 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.
*Note: estimates based on available data from Dun and Bradstreet and research conducted by the National Center for the Middle Market.