2024 Middle Market Survey: A Shift in Expectations and Priorities

UHY’s 2024 Middle Market Survey gathered insight from middle market business owners from a variety of industries, including automotive, construction, energy, financial services, health care, not-for-profit, real estate, staffing, and technology.

Most participants represented companies between several million to more than $500 million in revenue and ranged in size from 20 to more than 1,000 employees across the United States. Data collection for this survey took place in 2023.

Responses provided information on the performance of middle market businesses, strategic priorities, awareness of cybersecurity and technology, concerns, and knowledge of emerging topics, particularly environmental, social, and governance (ESG) matters.

To download the survey results, click HERE or the button below.

The following is a high-level summary of the significant trends from the 2024 Middle Market Survey.

• Middle-market businesses are largely back on track after struggles through the pandemic and are cautiously optimistic about their growth projections for 2024.
• Significant investments will be made in various areas of employee development depending on the strategic priorities of the company.
• Improving efficiencies and profitability is a major focus for business owners looking into the future.
• Cybersecurity is handled differently from company to company, but most middle-market businesses plan to make at least a marginal investment in cybersecurity and risk in 2024.
• The lack of an adequately skilled workforce and talent retention are major pain points believed to impact organizational growth.
• ESG has not gained much traction in the middle market and is not yet a top priority, with a significant percentage of participants failing to recognize the importance of ESG. Lack of consensus among relevant stakeholders was cited as the most significant barrier to overall ESG strategy adoption.
• The middle market labels the impact of sustained interest rate increases as their most significant external concern going into 2024.