May 8, 2017
By Bob Coleman
Editor, Main Street Monday
Main Street Monday — Main Street More Optimistic than Ever Says U.S. Bank
“Business owners are gaining confidence in the economy. For most owners, the recession is long over and now they’re making plans to expand,” says John Elmore, Vice Chairman of Consumer and Business Banking at U.S. Bank.
The positive sentiment is exemplified by the owners’ self-assessment: 80 percent of those surveyed describe their own business as strong, another historical high for the survey. In addition, 38 percent report higher revenues, more than at any time in the past eight years.
With the 2016 election complete, 18 percent of small business owners feel that the economy is in an expansion, up from 9 percent a year ago. Owners expect the trend to continue, with 28 percent predicting the economy will be in an expansion by early 2018.
Four out of 10 owners said they plan to make a capital expenditure to expand their business in the next year. One fourth also expect to increase their staff, despite the challenge of finding skilled workers.
This year’s survey for the first time asked owners to assess their personal satisfaction. Ninety-three percent say they’re satisfied with the balance between their work and personal lives, while fewer owners (85 percent) are satisfied with their wealth and savings derived from their small business. A robust 96
percent of owners are satisfied with how their business improves the lives of others.