R.I. ninth in nation for share of middle-market firms

RHODE ISLAND ranked ninth among all states for its share of firms in the middle market, according to a new study from American Express and Dun & Bradstreet. / COURTESY AMERICAN EXPRESS AND DUN & BRADSTREET
RHODE ISLAND ranked ninth among all states for its share of firms in the middle market, according to a new study from American Express and Dun & Bradstreet. / COURTESY AMERICAN EXPRESS AND DUN & BRADSTREET

PROVIDENCE – Rhode Island ranked ninth out of all 50 states for its share of firms in the middle market, according to a new study from American Express and Dun & Bradstreet.
Rhode Island has an estimated 506 middle-market firms, which make up 0.87 percent of overall businesses in the state.
The report used Dun & Bradstreet’s proprietary databases of commercially-active U.S. firms to analyze the economic impact of middle-market enterprises, which are defined as businesses generating between $10 million and $1 billion in revenue.

Nationally, there are more than 136,000 middle-market firms, which employ an average of 368 workers and generate $45.1 million per firm per year.

The report said that while the middle market makes up less than 1 percent of U.S. businesses (0.7 percent), they contribute slightly more than one in five dollars (21 percent) of U.S. business revenue and employ more than one in four workers (28 percent) in the private sector.

Middle-market companies have led job growth nationwide since 2008, with a 4.4 percent increase in private sector employment – outperforming both smaller businesses and the largest companies, the report said.

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“Our first-ever look at the economic characteristics of middle-market firms underscores their clout and the significance of their contribution to our economy,” Susan Sobbott, president, Global Corporate Payments, American Express, said in a statement. “Since 2008, middle-market companies have been the unsung heroes of employment growth.”
Seven states have middle market firms comprising a greater than average (0.9 percent or more) share of companies:

  • Illinois, 1.1 percent
  • Wisconsin, 1.1 percent
  • Massachusetts, 1 percent
  • Michigan, 1 percent
  • New Jersey, 1 percent
  • New York, 1 percent
  • Ohio, 0.9 percent

In Rhode Island, small firms, which generate less than $10 million in revenue, have the largest share of business at 99.1 percent. There are 57,551 small firms in the Ocean State. Large firms represent 0.02 percent of all businesses, with revenue of $1 billion or more. There are 10 large firms in Rhode Island, according to the report.

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