- Positive Experiences with the Economy: More than 60% of executives have had more positive experiences, such as going on vacation or receiving a promotion, than negative. Only about 20% have experienced more negative experiences, such as employee layoffs, over the past year.
- Experiencing Strength and Stability: About seven in ten executives describe their company as strong. More than half (57%) say their company is doing better than last year, with executives at companies with higher revenue feeling this more strongly than executives at companies with lower revenue. About three-quarters think their company will likely increase the range of products and services offered in current markets over the next 12 months, and more than two-thirds (69%) expect to enter other regions within the U.S.
- View on the Lending Environment Remains Positive: Similar to results from the 2014 Middle Market Outlook, 91% of executives feel satisfied with their company's access to financing and the variety of financing alternatives available to them. However, 19% of executives report dissatisfaction with their company's cost of financing. Nearly one in three (30%) expect to use this financing to help U.S. expansion, but even more (41%) expect to use it to invest in Information Technology (IT).
- Middle Market Workforce Expanding: About seven out of ten middle market executives anticipate the middle market workforce will grow over the next 12 months. Sixty percent of executives reported having experienced workforce growth over the last 12 months and only 6% have cut back.
- Continued Dissatisfaction with Elected Officials: Only 13% of executives surveyed approve of Congress and 35% approve of President Obama's job performance. About nine in ten agree that Congress pays too much attention to Fortune 500 companies, and that policy coming out of Washington does not consider the needs of middle market businesses. A wide majority (93%) believe Federal policies are politically motivated rather than aimed at solving real problems.
- Trump Leading the Pack: Nearly half (48%) of executives surveyed would prefer a Republican in the White House while fewer than one in four (23%) would prefer a Democrat. At 29%, Donald Trump garnered the most support from middle market executives. Although he's since announced he is not running for office, Vice President Joe Biden, along with Hillary Clinton, lead among potential Democratic candidates, with slightly more than 20%.
- The Middle Market Acknowledges the Value of Technology: Eighty percent of executives have seen an increase in their IT budgets over the last three years, with 41% reporting budgets growing more than 5%. More than three fifths (64%) plan to increase their IT budget even further over the next two years.
About CITFounded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com