September 30, 2019
By Mary Miller
Contributing Editor, Main Street Monday
Main Street Monday – Small Business Optimism Levels Reach All-Time High According to Q3 Index
According to the MetLife and U.S. Chamber of Commerce Small Business Index, small business optimism levels have reached an all-time high of 70.7 in Q3 2019.
Experts suspect the rise in optimism may be due to confidence in local economies, as all other indicators remain steady on a national level.
“Strong local economies have a ripple effect, and create stronger state, regional, and national economies,” says Jessica Moser, senior vice president and head of MetLife’s Group Benefits Small & Specialty Business organization. “Increased small business confidence will allow them to continue to hire and to invest in their businesses, which ultimately helps everyone.”
Key findings include:
- 56% of small businesses indicated that their local economy is performing well.
- 58% of small businesses reported a good feeling about the U.S. economy.
- The number of small businesses feeling optimistic about the U.S.
economy has increased from 41% in 2017, and 55% in 2018 to 58% in 2019.
- 66% of small businesses feel good about their business health.
- 63% of small businesses in the southern region of the U.S. feel their economy is in good health.
- 49% of small businesses in the Northeast region have a good feeling about the health of their economy.
- Small businesses specializing in professional services are most optimistic about their health, while retailers are the least optimistic
- Minority-owned small businesses are more likely to move forward with hiring plans this year than non-minority-owned companies.
- Millennial small business owners are more likely to grow staff than older small business owners.
- 31% of veteran-owned businesses plan to increase investment in the next year.
U.S. Chamber of Commerce