Umpqua Bank 2024 Business Barometer: U.S. Middle Market Optimism Surges, While Small Businesses Proceed Cautiously
Since 2019, middle market companies (defined as $10M--$500M in annual revenue) are consistently more optimistic and ready to make a variety of strategic investments than smaller businesses. However, the difference between the two sectors' optimism—which had been fairly narrow—widened sharply in 2024. This year, 68% of middle market companies rate the economic outlook as excellent or good compared to just 29% of small businesses.
- Middle market optimism and key growth indicators have surged to six-year highs, while small businesses proceed cautiously as they manage persistent impacts of higher costs for goods and capital.
- This year, 68% of middle market companies rate the economic outlook as excellent or good compared to just 29% of small businesses.
- On behalf of Umpqua Bank, DHM Research conducted an online survey of 1,200 owners, executives, and financial decision-makers at U.S. small and middle market businesses during April 22—May 2, 2024.
- Of middle market respondents, 22% are minority-owned businesses, while 19% of small business respondents are certified woman-owned and 15% minority-owned.