DETROIT--(BUSINESS WIRE)--GE Capital and Slate’s Roadshow for Growth rolls into Detroit 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 Detroit area comprise only 1% of total businesses, yet generate 30% of total revenue and account for 39% of Detroit’s employment.*
Traveling in a branded bus, GE Capital and Slate’s Roadshow for Growth started in Kansas City last month. While in Detroit, the ninth stop on the tour, the NCMM will release new data that shows the importance of the middle market to Detroit including:
- Consists of approximately 2,653 companies and employs roughly 1.1 million employees
- Grew revenue by 7.5% in 2012 and is projected to continue to grow at a rate of 5.5%
- Employment grew by 4.8% in 2012 and is projected to continue to grow at a rate of 3.6%
- Generated approximately $123.1 billion in revenue in 2012
- Services segment is the largest source of revenue and jobs, at approximately $48.8 billion and roughly 535,000, 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 Detroit, 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 Palace of Auburn Hills with Bill Laimbeer who will speak about winning teams, his career as a Detroit Piston, and his current leadership role as head coach and general manager of the WNBA’s New York Liberty.
After the Detroit stop, the Roadshow for Growth will visit middle market businesses in Charlotte, Atlanta, Dallas 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.
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 email@example.com.
* Note: estimates based on available data from Dun and Bradstreet and research conducted by the National Center for the Middle Market.