The Middle Market Business Index provides a leading measure on the performance of businesses that make up the heart and soul of our country's economy.
Published
June 12, 2025
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The RSM US Middle Market Business Index provides a leading measure on the performance of businesses that make up the heart and soul of our country's economy. In partnership with RSM, we've collected data on middle market firms since 2015 through quarterly surveys conducted by The Harris Poll. The survey is conducted four times a year, in the first month of each quarter: January, April, July and October.
The survey panel consists of approximately 1,500 middle market executives and is designed to accurately reflect conditions in the middle market.
Explore the Middle Market Business Index
The Q2 2025 MMBI fell to 124.5 in Q2, down from 143.2 in the previous quarter.
The MMBI fell to 124.5 in Q2, down from 143.2 in the previous quarter.
Less than half of the survey respondents said they planned to boost capital spending in the next six months.
Twenty percent of executives reduced their capex in Q2, while 24% took in less revenue and 26% saw lower net earnings.
Neil Bradley, executive vice president and chief policy officer, U.S. Chamber of Commerce
What is the middle market?
The middle market is the backbone of the U.S. economy, accounting for one-third of total jobs and 40% of GDP.
Middle market organizations, which make up the “real economy,” are too big to be small and too small to be big. They have distinct challenges and opportunities around resources, labor, technology, innovation, regulation and more.
Special Reports on the Middle Market
Periodic publications that feature additional topical questions asked of MMBI respondents. These special questions can focus on a variety of topics, from cybersecurity concerns to emerging policy impact. Specific data and insights are provided.
Three years after the start of the pandemic, remote work is becoming a permanent fixture among American middle market businesses, according to a recent survey from RSM US LLP.
What began out of necessity early in the pandemic has become a preference—and middle market businesses, desperate to attract and retain employees, are going along
In the fourth quarter, 33% of middle market executives responding to the RSM survey reported having employees working remotely due to COVID-19 who were not doing so before.
Cybersecurity remains a prime concern for middle market companies, as evolving risks present nonstop threats to sensitive data and operations. According to findings in the Q1 2025 RSM US Middle Market Business Index survey, nearly one in five (18%) middle market companies experienced a data breach in the previous year, falling from a record-high 28% in last year’s data.
More than two years into the global pandemic, supply chain snarls persist for a large portion of middle market American businesses, with smaller midsize firms in many respects bearing a significant amount of the pain, according to proprietary data from RSM US LLP—and companies continue to pivot accordingly.
The growing importance of environmental, social and governance issues has reached an inflection point in the middle market, even in the face of the dramatic economic fluctuations of the past year and a half. Stakeholders’ increased focus on ESG will continue to present immense business opportunities for middle market organizations that position themselves to adapt to these shifting priorities.
After decades of watching America’s infrastructure decline, senior executives at middle market businesses are pushing to fix the nation’s basic systems. In a striking shift in outlook captured in RSM’s proprietary data, executives at midsize companies agree that the state of the nation’s infrastructure is hampering economic growth, not only at the national and local levels, but within their own organizations as well.
Technology is evolving, fast-paced and changing how companies do business. Artificial intelligence has the attention of company leaders, and cybersecurity concerns are driving investments in technology, according to data from the second-quarter RSM US Middle Market Business Index survey, which polled executives from April 3–24, 2023.
The survey reveals that for company leaders, digital transformation is more than just upgrades or new platforms. Digital transformation can alter an organization’s trajectory and affect whether the company succeeds or fails.
As the era of easy money and low-cost financing ends, middle market businesses are facing a reckoning.
Rising real interest rates are pushing up the cost of commercial and industrial loans, making it harder for these firms to meet payrolls and finance their expansion, according to findings in the third-quarter RSM US Middle Market Business Index survey. The result is a risk to economic growth across the real economy and, potentially, a recession.
For more information on the Middle Market Business Index, industry trends, and monthly economic updates, check out RSM's publications for middle market business leaders on rsmus.com/middle-market.
