TD Bank's 2018 Middle Market Survey

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January 02, 2019

TD Bank recently surveyed 350 decision makers in Middle Market companies with annual revenues between $50 and $500 million. The survey found the following key highlights:

  • 94 percent of companies expected some amount of revenue growth in 2018 – highest percentage anticipated between 6-10 percent annual revenue growth
  • 71 percent stated tax reform would have a positive or significant positive impact on their business
  • Largest challenges to business operations are:
    • Domestic competition – 41 percent
    • Interest rate increases – 34 percent
    • Global competition – 32 percent
    • Trade policies – 24 percent
  • 61 percent expect to grow staff, but 27 percent say there is a lack of qualified talent to fill positions
  • 68 percent of companies plan to engage in merger & acquisition activities in the next two years
  • Middle Market companies' sources for capital spending include retained earnings (44 percent), equity financing (39 percent) and secured debt financing (31 percent)

For a copy of the full survey results, please contact Martha Gaston at