Washington, DC - Small Business Is Booming Across the United States:
Under President Trump, small businesses are showing historic optimism, increasing wages, and planning to expand.
CNBC: After a Full Year of Trump, Main Street Is Poised to Go on a Hiring Spree
“With a full year of data from the CNBC/SurveyMonkey Small Business Survey now in, it’s become clear that on Main Street business owners are increasingly positive in the Trump era. In the second quarter, the broad CNBC/SurveyMonkey Small Business Confidence Index remains near a record-high, and the details show small business owners to be increasing their expectations in two critical areas: revenue and hiring. Small-business owners are now more apt than they were a year ago to anticipate higher revenue over the next 12 months (60 percent vs. 55 percent a year ago) and to increase their staff (31 percent vs. 27 percent a year ago).”
USA TODAY: Tax Reform Bonanza: Small Businesses Use Savings to Invest, Hire
“Small business owners such as Sandeep Thakrar are overhauling their 2018 business plans as a result of the sweeping federal tax cuts, with many saying they’ll use their savings to boost investment, hire more workers and dole out raises, a new Bank of America survey shows. Thakrar owns Neema Hospitality, which operates 10 limited-service hotels in Pennsylvania, Maryland and West Virginia under the Marriott, Hilton, Choice and IHG brands. Among his plans: renovations at his properties. He’s even considering expanding. ‘Tax reform has been described as a game-changer, and they’re investing back in their businesses, and you can see it,’ says Sharon Miller, head of small business for Bank of America.”
JAMES FREEMAN IN THE WALL STREET JOURNAL: Small Business Still Soaring
“The NFIB April survey finds that small firms are healthy, and that there are more of them. According to NFIB Chief Economist William Dunkelberg, ‘The increase in new business establishments is running well ahead of eliminations, a real boost to new employment. Owners reported adding a net .28 workers per firm on average, the third highest reading since 2006 (down from .36 workers reported last month, the highest since 2006). Reported gains were higher only six times since 2000.’ The recurring story of recent months continued into April.”
CNBC: Small Business Workers Saw Their Wages Grow at the Strongest Rate in 2 Years: Survey
“Small business employees saw their wages grow last month at the strongest rate in more than two years, according to a report from human resources firm Paychex. Hourly earnings in April increased at an annual rate of 3.25 percent, the best showing since 2016.”
CRAIN’S CLEVELAND BUSINESS: PNC Report: Ohio Businesses Mark Record Levels of Confidence for Profits, Hiring and the Economy in Coming Months
“Ohio’s small and midsized business owners are more optimistic about their businesses and the overall U.S. economy today than any point since the Great Recession began to recede, according to a new report by PNC Financial Services. PNC’s spring economic outlook and survey of small-to-midsize businesses finds that, in Ohio, more than half of business owners are expecting sales increases in the next six months, which is the highest level of optimism seen since 2012.”
PITTSBURGH BUSINESS TIMES: More Pennsylvania Business Owners Plan Pay Hikes, According to PNC Survey
“Optimism is up at Pennsylvania’s small and midsize companies as more plan to raise pay and increase staff compared to a year ago, according to the PNC Economic Outlook released on Monday. About 45 percent of the state’s small/midsize company owners said they were optimistic about their own businesses, an historic high for the survey.”
BUSINESS OBSERVER (FLORIDA): Happy Days Are Here Again for Florida Business Owners, Says Survey
“Small and medium-sized business owners in the Sunshine State are optimistic about the economy, to say the least. PNC Bank’s latest Spring Florida Economic Outlook reveals factors such as strong national economic growth; a healing housing market; low costs of doing business; and beneficial demographic and migration trends have led to historically high levels of optimism. That cheerful outlook could have a big impact on the labor market in Florida, according to PNC. Its report says nearly half (49%) of all Florida business owners surveyed intend to increase employee compensation levels this year.”