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Midsize businesses are critical to the U.S. economy, accounting for 33% of annual business revenues and 30% of all private sector employment. Diverse-owned midsize businesses—defined as those at least 51% owned and operated by members of historically underrepresented groups (including Black, Hispanic and Latino, Asian, and other people of color; women; and veterans)—comprise approximately 30% of the middle market. Yet they account for only about 20% of the revenue.
New research from Next Street, in collaboration with JPMorgan Chase, reveals that closing the revenue gap for U.S. diverse-owned midsize businesses presents an opportunity to generate $1.3T in additional annual revenue.
Despite significant revenue generation, the research shows that midsize businesses aren’t reaching their potential due to a variety of factors, including a lack of tailored resources. In particular, diverse-owned businesses face challenges accessing tools and information to support growth.
Key findings from the report, The Middle Matters: Exploring the Diverse Middle Market Business Landscape, are summarized in the infographic below.
Header: Midsize businesses are a core component of the U.S. economy.
Despite representing only 5% of the total number of national employer businesses, midsize businesses account for 33% of revenue generated and 30% of all private sector employment in the country.
IMAGE: Outline of the United States with the following text: 300,000 midsize businesses in the U.S., $13T Annual revenue, 40MM jobs.
Early and emerging midsize companies are particularly influential.
Together, the number of early and emerging midsize businesses account for nearly 90% of the U.S. middle market and generate $5.4T in annual revenue, more than 40% of total middle market revenue.
CHART: Bar chart with the following information: 66% Early ($11MM to $20MM), 22% Emerging ($21MM to $100MM), 12% Established ($101MM to $500MM)
These businesses represent a large opportunity for support organizations, financial institutions, and service providers to build relationships that could generate long-term value.
Five industries account for more than half of the middle market in the U.S.
Each of these industries has grown by more than 20% in annual revenue during the last fiscal year.
CHART: Pie chart with Top 5 Industries:
IMAGE: Price tag icon: Retail $2.1T Revenue; Gasoline stations, automobile dealers, grocery stores
IMAGE: Truck icon: Construction $1.8T Revenue; Building equipment, residential building and exterior constructors
IMAGE: Medic icon: Healthcare $1.5T Revenue; Physicians, dentists, family offices
IMAGE: Briefcase icon: Professional Services $1.3T Revenue; Legal, consulting and computer system services
IMAGE: Package icon: Wholesale $1.1T Revenue; Machine and equipment, grocery and durable goods merchants
Diverse-owned midsize businesses represent approximately 30% of the middle market, but only account for approximately 20% of the revenue.
CHART: Pie chart with the following information: 90K DIVERSE-OWNED MIDSIZE BUSINESSES*, $2.6T IN REVENUE, 300K MIDSIZE BUSINESSES, $13T IN REVENUE
Closing the revenue gap for U.S. diverse-owned midsize businesses presents an opportunity to generate:
IMAGE: Icon of a hand holding a dollar sign: $1.3T IN ADDITIONAL REVENUE
*“Diverse-owned” businesses includes Black-, Hispanic-, Latino(a)-, Asian-, and other people of color-owned businesses, women-owned businesses, and veteran-owned businesses.
This research focuses on three of the five top revenue generating U.S. markets.
These markets account for:
12% Total National Middle Market
$1.6T in Revenue
Chicago, IL with a car icon, briefcase icon and truck icon.
IMAGE: Outline of the state of Illinois with Chicago pinned.
In Chicago, there is a greater presence of midsize businesses in the Transportation industry.
And a greater presence of diverse-owned midsize businesses in Professional Services and Construction.
Dallas, TX with a checklist icon, briefcase icon, truck icon and car icon.
In Dallas, there is a greater presence of midsize businesses in the Administrative Services industry.
And a greater presence of diverse-owned midsize businesses in Professional Services, Construction, and Transportation.
IMAGE: Outline of the state of Texas with Dallas pinned.
Los Angeles, CA with a box icon, key icon, truck icon, price tag icon, and checklist icon
IMAGE: Outline of California with Los Angeles pinned.
In Los Angeles, there is a greater presence of midsize businesses in the Wholesale and Real Estate industries.
And a greater presence of diverse-owned midsize businesses in Construction, Retail, Administrative Services, and Real Estate.
The Middle Matters: Exploring the Diverse Middle Market Landscape. November 2023.
© 2023 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for full disclosures and disclaimers related to this content. This is not a product of the Research Department of J.P. Morgan Securities LLC
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JPMorgan Chase Commercial Banking provides capital, expertise and financial solutions to spur business growth and make communities stronger. Contact your relationship team to learn more.
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/commercial-banking/legal-disclaimer for disclosures and disclaimers related to this content.
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