Small Business Confidence in the Economy Jumps 22 Percent in Six Months
Revenue Outlook and Intent to Borrow Remain Flat, while Hiring Plans Sink to Five-year Low
U.S. small business owners’ confidence in the economy has increased significantly from just six months ago, according to the spring 2017 Bank of America Business Advantage Small Business Owner Report, which found that economic confidence ranks among the highest levels recorded in the last five years. The report, based on a semi-annual survey of 1,000 small business owners across the country, reveals that a majority of entrepreneurs (53 percent) are confident the national economy will improve over the next 12 months – up a staggering 22 percentage points from just six months ago. Similarly, small business owners’ confidence in their local economy improving jumped to 51 percent from 37 percent in fall 2016.
For additional insights, see the Small Business Owner Report infographic below. For a complete, in-depth look at the insights of the nation’s small business owners, download the spring 2017 Bank of America Business Advantage Small Business Owner Report here.