Study: R.I. 42nd in nation for middle market firm growth over five-year period

THE FIFTH annual Middle Market Power Index, from American Express and Dun & Bradstreet, showed trends among middle market firms. Massachusetts was one of 10 states that had a greater than average share of middle market firms. / COURTESY AMERICAN EXPRESS AND DUN & BRADSTREET
THE FIFTH annual Middle Market Power Index, from American Express and Dun & Bradstreet, showed trends among middle market firms. Massachusetts was one of 10 states that had a greater than average share of middle market firms. / COURTESY AMERICAN EXPRESS AND DUN & BRADSTREET

PROVIDENCE – Rhode Island ranked 42nd in the country for growth in middle market firms from 2011-2016.
Over that five-year period, Rhode Island experienced a 71.2 percent increase in the number of middle market firms, according to the fifth annual Middle Market Power Index, from American Express and Dun & Bradstreet.
The report showed that 1.13 percent – or 649 – of Rhode Island firms in 2016 are in the middle market category, which means revenue between $10 million and $1 billion. Last year, the report said Rhode Island had 143 fewer middle market firms.
Nationwide, there are 182,578 middle market firms, and the New England state with the most firms in this category is Massachusetts with 5,031, an 82.2 percent increase over the past five years, while Vermont has the least at 439, a 66.9 percent increase.
Massachusetts was one of 10 states that had a greater than average share of middle market firms.
Here is data for middle market firms for other New England states:

  • Connecticut, 2,523, an 85.5 percent increase over the past five years
  • Maine, 751, a 72.2 percent increase
  • New Hampshire, 940, an 85 percent increase

California has the most middle market firms with 22,029, an 88.6 percent increase since 2011, while Wyoming has the least at 325, a 73.8 percent increase.
When measuring growth over the five-year period, Ohio led the nation at 106.2 percent; it has 7,233 middle market firms.
The report found that the number of commercially active firms nationwide has declined since 2011, but the number of middle market firms – and their revenue and employment – has doubled, contributing $9.3 trillion to the U.S. economy and accounting for more than half – 53 percent – of total national job growth.

Middle market firms are more likely than average to be found in the manufacturing and wholesale trade sectors, the report stated.

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