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2022 Year-End Indicator Details The Middle Market’s Continued Recovery

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Historically high growth rates persist with few signs of slowing

COLUMBUS, OHIO — For the third straight reporting period, the U.S. middle market continues to sustain double-digit, year-over-year revenue and employment growth. Higher interest rates and the threat of inflation, however, are causing middle market leaders to minimize their investment appetite.

Middle Market Companies Continue To Be Strong

Data from the 2022 Year-End Middle Market Indicator, released today by the National Center for the Middle Market (NCMM), reveals that middle market companies continue to report strong year-over-year revenue growth, with the average rate of growth holding steady at 12.2% since December 2021. The percentage of middle market companies reporting year-over-year revenue growth increased from 78% to 81% this past year.

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Along with record revenue growth, hiring at middle market companies remains high for the third consecutive reporting cycle, with companies averaging a 11.1% employment growth rate during 2022. Workforce issues, however, persist, as 48% of firms indicated that they are either extremely or very challenged in finding the right skill sets among workers.

“The middle market has demonstrated once again its remarkable consistency in delivering impressive growth and resilience in the face of changing macro-economic challenges,” said Doug Farren, managing director of the NCMM. “As we head into 2023, we’ll be closely monitoring how improving optimism and expansionary plans to support growth emerge in the face of ongoing inflation and some fears of a possible recession.”

The promising forecast from middle market executives is reflected in the economic confidence in the global and U.S. economies. After a dip in June 2022, confidence in the global economy rose nine points to 73%, while confidence in the national economy sits at 74%, a five-point increase over the last six months

The biggest concerns cited by middle market leaders are inflation, a potential recession and workforce challenges. Specifically, approximately a third of surveyed companies reported that the size of their current workforce is insufficient to meet future growth needs.

Supply chain disruption, which has been a challenge over the past 18 months, has shown signs of improvement. Just 42% of those surveyed cited experiencing supply chain issues over the past six months, down from 55% as reported in the 2022 Mid-Year MMI.


“The year ahead presents economic uncertainty; however, the survey data is also showcasing economic confidence levels rebounding with expected revenue and employment growth,” said Ben Rockwell, division president, middle markets, Chubb. “In order for middle market companies to prepare for new and existing economic exposures as well as to support a growth environment, it is an opportune time to review their level of insurance protection to ensure adequate coverage.”

Additional survey data and infographics, including in-depth looks at regional variations, hiring/talent acquisition efforts and other business concerns among middle market companies, can be found at

About the Middle Market Indicator (MMI)

The MMI, which was created in 2012, surveys 1,000 executives (CEOs, CFOs and other financial decision makers) from the middle market to examine topics related to business capabilities, performance, growth drivers and economic outlook among other topics.

About the National Center for the Middle Market (NCMM)

The National Center for the Middle Market is a collaboration between The Ohio State University Fisher College of Business, Chubb and Visa. It exists for a single purpose: to ensure that the vitality and robustness of middle market companies are fully realized as fundamental to our nation’s economic outlook and prosperity.

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