Interesting to note in the survey results is the mix of respondents and where the growth is coming from.

{{RELATEDLINKS}} A few key statistics of note:

• 76 percent of respondents have fewer than 500 worldwide employees;
• 76 percent of respondents have not had any change in their number of facilities in the last 12 months;
• 41 percent of respondents plan to open a new facility in the next five years; and
• 49 percent of respondents plan to expand an existing facility in the next five years.

These results mirror the “mid-cap movement” that we have been seeing in the economy recently. No doubt, there is still a significant amount of deal flow from the Fortune 1000s, but mid- cap companies (e.g., less than 500 employees, likely less than $750M in sales) are poised to grow significantly in the next five years, and this is very positive for our industry. From food manufacturing to robotics to fintech, mid-cap companies are innovating at a staggering pace and punching above their weight in terms of their ability to compete.

These companies can do more with less (e.g., 76 percent have not grown the number of locations in the last year) but are quickly reaching the critical threshold of growth where they need to expand in terms of capacity, headcount, and access to new markets. This is a healthy sign for the overall economy and a welcome diversification for markets in which these companies will grow.