Survey finds middle market execs feeling dour

More than two-thirds of middle market executives in a new survey have a fair to poor outlook for the national economy’s next 12 months.

KeyBank’s latest Middle Market Business Sentiment survey also found that just 16 percent of those surveyed are more confident in their businesses’ potential to thrive after the election. The survey, conducted in partnership with Lieberman Research Worldwide, polled 320 decision makers between Nov. 7 and Nov. 12 at companies with annual revenues ranging from $25 million to $4 billion.

“Middle market business executives need certainty to make plans,” Cindy Crotty, KeyBank executive vice president and head of KeyBank’s commercial banking segment, said in a news release. “Before they can switch gears from saving to expanding, they need to see our leaders in Washington avoid the fiscal cliff. More importantly, middle market executives want assurance our leaders will work together to create an economic path to progress.”

The survey found that 70 percent of middle market businesses are extremely or very concerned about the fiscal cliff given the outcome of the election with 47 percent saying they are more concerned post-election.

Cleveland–based Key has more than 1,000 branches in 14 states and assets of $87 billion.

Key is the number two bank in the Syracuse metro area deposit market with 27 branches, more than $1.8 billion in deposits, and a market share of 16.8 percent, according to the latest statistics from the Federal Deposit Insurance Corp. The bank has two offices, more than $58 million in deposits, and a market share of 1.58 percent in the Utica–Rome area.

Contact Tampone at ktampone@cnybj.com