The document summarizes the results of a 2014 study examining the perspectives of 301 U.S. middle market executives on the economy, availability of financing, and health of their companies. Key findings include that the executives have a more positive outlook on the economy than in 2013 and report being in a stronger position than a year ago. Most expect to increase their workforce size over the next year due to business opportunities and demand. The executives are also generally satisfied with their current financing options but want lower interest rates and fees. They have widespread dissatisfaction with Congress and President Obama and want the next Congress to prioritize tax reform and healthcare changes.

1. CIT: Voice of the Middle MarketTM
Perspectives from the Heart of the
U.S. Economy
CIT’s 2014 Voice of the Middle MarketTM study
examines the perspectives of U.S. middle market
executives on the U.S. economy, the availability
of financing and the health of their companies.
This year’s study also assessed respondents’
perspectives on the upcoming 2014 mid-term
elections and 2016 presidential election.
Results from the 2014 CIT: Voice of the Middle
Market study show that the economic outlook
of senior middle market executives is trending
upwards, as compared to opinions from 2013.
Middle market executives are favorable about the
state of their own companies, with many describing
it as strong. Few say they are worse off today as
compared to a year ago. In fact, more than 60% of
executives report being in a stronger position today
than a year ago. This assessment is most evident
among middle market executives representing
companies with annual revenues between $100
million and $1 billion.
The executives surveyed are also fairly positive
about their local economy; 51% rate it as strong and
just 17% say it is weak. Their assessments of the U.S.
and global economies continue to lag behind their
view of their local markets, but there is a clear shift
in negative views of the state of the U.S. and global
economies since last year’s study. This year, middle
market executives are split about the U.S. economy:
27% describe it as strong, 30% say it is weak and
BETTER OFF TODAY THAN A YEAR AGO
63% 64%
71%
53%
34%
27%
23%
13%
9% 9% 6%
Total Low Revenue
($25 Million -
$50 Million)
Middle Revenue
($50 Million -
$100 Million)
High Revenue
($100 Million -
$1 Billion)
Better No change/the same Worse
28%
the rest characterize it as neutral. In comparison,
41% of middle market executives described the U.S.
economy as weak in 2013 and only 15% said it was
strong.
While middle market companies are confident
about their own companies, they are not without
concerns about the year ahead. Their top
concerns are continued economic uncertainty and
compliance with the Affordable Care Act, with
three-fourths citing these as concerns. These are
followed by worries related to tax increases and
regulations. As with last year, talent management is
top of mind as well: 68% are concerned about the
ability to retain top talent and 65% are concerned
cit.com/middlemarketoutlook 1
Numbers may not sum to 100 because of rounding.

2. 2
CIT: Voice of the Middle MarketTM
Increased Optimism on State of the
Economy
2014
Global Economy
US Economy
Local Economy
Global Economy
US Economy
14% 50% 36%
43% 30%
7% 43% 50%
15% 45% 41%
about the ability to hire top talent. The vast majority
of middle market executives also say they are
concerned with data security challenges in the
coming year.
Eighteen percent say it is likely their company will
be sold in the next few years; however, selling is not
on the immediate horizon either. Rather, most who
Top Issues of Concern OVER THE NEXT 12
MONTHS
Continued Economic
Uncertainty
31% 45% 76%
Costs Associated
with the ACA
Regulations
Tax Increases
Ability to Retain
Top Talent
42% 34% 75%
Data Security 30%
Ability to Hire Top Talent
Compliance with
Regulations
Rising Inflation Rate
Rising Interest Rates
28%
37%
36%
34% 68%
37%
67%
37% 65%
18% 41% 59%
54%
Cost of Capital 20% 31% 50%
Access to Capital
19%
14%
cit.com/middlemarketoutlook
say there is a chance their company will be sold
predict it will happen more than a year from now, at
a minimum. Family succession issues and operating
costs are among the top factors influencing a
possible sale.
Middle Market Workforce in Focus
Most middle market executives participating in this
research have a workforce that includes more than
100 people, with 40% having a workforce of 500
or more. Self-reporting among this audience about
the size of their workforce in 2013 reveals that more
than half are at companies that have experienced
workforce growth over the past 12 months (55%).
Only a minority have experienced a decrease in the
size of their workforce over this time period (15%).
Another 30% describe their workforce size as the
same as in 2013, demonstrating both stability and
growth in the middle market.
Over the next year, many middle market executives
are forecasting an increase in the size of their
workforce. Overall, 62% say they expect the size of
their workforce to increase in the coming year, with
most of this group saying that their workforce will
increase by no more than 10%. This growth forecast
is consistent across revenue categories. One in 10
is predicting that the size of the workforce at their
company will decrease.
2013
Local Economy
Strong Neutral Weak
27%
51% 32% 17%
36% 39% 25%
Increase by no more than 5%
Increase by 6-10%
Increase by 11-15%
Increase by more than 15%
Stay the same
Decrease
8%
9%
28%
28%
6%
20%
Increase in Hiring on the Horizon
35%
30%
44%
Very Concerned Somewhat Concerned
71%
70%
34%
34%
34%
32% 30% 61%

3. 3
CIT: Voice of the Middle MarketTM
New Hiring Needed To Accommodate Future
Growth
Increase Business
Demand/Opportunities
Need to Innovate to Stay
Ahead in the Industry
Business demand and opportunities is a primary
variable influencing workforce growth among
those who say they anticipate an increase in their
workforce.
Perceptions of the Lending
Environment
On the whole, middle market executives are satisfied
with their financing options. Nine in 10 are satisfied
with their company’s access to financing, up almost
Satisfaction with Current Financing
Current Financial
Lender 25% 69% 94%
Variety of Financing
Alternatives Available 23% 62% 85%
Company’s Access to
Financing 21% 69% 90%
cit.com/middlemarketoutlook
10 points from 2013. There is widespread satisfaction
with the cost of financing and financing alternatives
available as well. Importantly, nearly all of those
surveyed say they are happy with their current
financial lender.
When asked what their financial lender could do
better or differently to help their company succeed,
the top suggestions were to focus on rates and
costs, specifically lower interest rates and lower fees.
Feedback on simplifying processes and improving
customer service falls into a second tier.
Washington and the Middle Market
There is widespread dissatisfaction among middle
market executives about our elected officials. Two-thirds
say they disapprove of President Obama’s
job performance, which is consistent with opinions
from 2013. Congress fares even worse: 84% say
they disapprove of Congress’s job performance, an
improvement over 2013 when 95% disapproved. This
general dissatisfaction is also evident when asked
to assess Congress’s attentiveness to businesses of
different sizes. The vast majority believe Congress
Many View Congressional Support Lacking
Small Businesses 86% 9% 5%
Middle Market
Businesses 77% 17% 6%
is doing too little to support both small and middle
market businesses. In contrast, only 34% hold this
view about big businesses.
Looking ahead to the upcoming elections this
November, the majority say a Republican-controlled
Company’s Cost
of Financing 18% 65% 83%
Strongly Agee Agree
Big Businesses 34% 22% 45%
Too Little Sufficient Too Much
International Expansion 20%
58%
New Product Launch 23%
32%
Expansion to an
Adjacent Market
40%
Responses include those who expect to increase their workforce
over the next 12 months (n=188).

4. 4
CIT: Voice of the Middle MarketTM
Importance of Congressional Action on
Key Issues
Tax Reform 44% 41% 84%
Changes to
Healthcare Reform
Increasing Domestic
Energy Production
Investments in
Infrastructure
Regulatory Reform
Immigration Reform 37% 30% 66%
Tort Reform
Raising the Federal
Minimum Wage
48% 30% 77%
37% 40% 76%
33% 43% 76%
31% 43% 73%
21% 41% 62%
21% 20% 40%
Congress would be good for their company (55%),
with only one in five thinking a Democrat-controlled
Congress would be better for their company (21%).
The rest are divided between saying split control
would be preferable or that the party in the majority
in Congress does not impact their company (13% and
10%, respectively).
The middle market is expecting the next session
of Congress to take up a diverse agenda, with tax
reform topping the list. Additionally, three-fourths
want changes to healthcare reform, investments
in infrastructure and increasing domestic energy
production to be on the agenda for the next session
of Congress. Regulatory, immigration and tort reform
are also important. Fewer think raising the federal
minimum wage should be taken up by the 114th
Congress.
Thinking further into the future, when asked about
the 2016 presidential election, just over half would
like the next president to be a Republican (54%).
Three in 10 are hoping to have another Democrat
in office, while the remaining 16% say they do not
cit.com/middlemarketoutlook
know. Reflecting on specific candidates, the three
most popular Republican candidates are New Jersey
Governor Chris Christie, former Florida Governor
Jeb Bush and the 2012 Republican nominee, former
Massachusetts Governor Mitt Romney. On the
Democratic side, former Secretary of State Hillary
Clinton generates the greatest support. New York
Governor Andrew Cuomo falls into a second tier,
receiving less than half as much support as Clinton.
All the other possible Republican and Democratic
candidates receive less than 10% support from
middle market executives.
Methodology
KRC Research conducted an online survey among
301 middle market executives in the United States
in August 2014. (Note: For the purposes of this
research, the middle market is defined as companies
with revenue between $25 million and $1 billion.)
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial
holding company with approximately $35 billion in
financing and leasing assets. It provides financing,
leasing and advisory services to its clients and their
customers across more than 30 industries. CIT
maintains leadership positions in middle market
lending, factoring, retail and equipment finance,
as well as aerospace, equipment and rail leasing.
CIT’s U.S. bank subsidiary CIT Bank (Member FDIC),
BankOnCIT.com, offers a variety of savings options
designed to help customers achieve their financial
goals.
For more information, please visit:
cit.com/middlemarketoutlook
Very Important Somewhat Important