USAs small business confidence is spurring a hiring and spending spree
And 72% of the respondents anticipate they’ll do well in the coming year compared to their current performance, up from 64% in late 2015. The survey results represent a positive harbinger for an economy that’s expected to record meager first-quarter growth in a report due out Friday. In a barometer that rates small businesses’ overall health, Nashville, Orlando and Tampa ranked highest while New York, Los Angeles, San Francisco and Philadelphia trailed.
While the business owners' perceptions appear to have been brightened by the election of President Trump, who has vowed to cut taxes and regulations, they’re also rooted in improved sales and the fading of economic headwinds that lingered long after the Great Recession ended in 2009. Fifty-five percent of the businesses say their revenue has increased the past year, and half say it has grown more in the three months prior to the survey than in the same period last year, up from 51% and 43%, respectively, in the earlier poll.
“Small businesses are definitely more upbeat than they have been in about a decade,” says Wells Fargo economist Mark Vitner, who frequently meets with small companies.
In fact, 64% of those surveyed say there’s never been a better time to own a small business and 56% hope to leave their businesses to their children, up from 53% and 44% in late 2015.