“Bigger is Better” the saying goes, but a recent survey suggests that for the manufacturing sector such conventional wisdom isn’t always true. Conducted by the National Center for the Middle Market and reported by IndustryWeek, the survey found that mid-market manufacturers reported revenue growth at a higher percentage than that of the biggest manufacturers.
In NCMM’s second quarter economic survey, it found that mid-market manufacturing firms reported revenue growth of 7.1% on average, compared to 6.7% for manufacturers as a whole. And they expect revenue to grow 6.4% in the coming year, compared to 5.3% for the entire manufacturing community.
NCCM defines the middle market as companies with $10 million to $1 billion in annual revenue. Manufacturing has 22,200 companies in the sector employing 29.9% of the manufacturing workforce. These companies generate $1.1 trillion in revenue annually, just over 15% of all manufacturing revenue.