Mid-Sized Companies on the Decline reports Great Business Plans
Despite small number of total firms, large impact on economy is felt
The total number has dropped by nearly 2,500 businesses, from 9,370 to 7,814 during the four-year period. The DBC study is based upon the Statistics of Canada data and Harris-Decima surveys.
The study also found that 14% of all mid-sized firms have become small firms, which means they hold less than 100 employees, or closed down entirely in the 2006 to 2010 window. There was only 1.4% who made their way up to 500 or more employees.
With mid-sized companies declining overall across the country, Ontario was the province hit hardest, as it lost over 25% of its firms.
“This decline should signal a call to action as mid-sized firms are vital to the Canadian economy,” said BDC chief economist and study lead author Pierre Cleroux.
“They’re few in numbers, yet their contribution to Canada’s economic prosperity cannot be overemphasized. They really do punch above their weight.”
The BDC noted that despite the fact that mid-sized firms only constitute a 1% total of the entire landscape of companies, they account for nearly 16% of Canadian jobs, as well as 12% of the total GDP, and 17% of the total exports.
The continued loss of jobs through company downsizing, or folding of such companies and corporations could mean that the Canadian economy could see more trouble down the road. Over the 2011 and 2012 period, it is likely only more of those companies downsized or were lost altogether.
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