State’s Small Business Owners Most Optimistic In US
As economic conditions improve across the US, a new survey of small business owners shows that so far in 2015, optimism about the nation’s economy among small business owners is growing. The US Bank survey looked at attitudes of 3,202 small businesses in 25 states across the US. Overall, the survey that small businesses “are embracing delivery of their products and marketing through social media and mobile platforms” and are generally “more upbeat about the economy and businesses are stronger now than any other time this decade.” The NFIB’s Small Business Optimism Index reflects this trend, noting that in April optimism was up 1.7 points to a score of 96.9.
In particular, Colorado’s business owners are seeing a boost in confidence as the nation’s economy improves. The new US Bank survey found that small business owners across the state are the most optimistic nationwide and believe that the state’s economy is healthier than the nation’s primarily due to small business growth. According to U.S. Bank’s regional banking manager Douglas Van Der Zwaag, Denver small businesses are “feeling more optimistic than they have been the past several years,” saying “for example, on the lending side, this year we’ve seen a significant uptick in companies financing new equipment or expanding their capacity by moving into larger properties.”
Other data point toward a trend of a boost in Colorado’s small business confidence. Business consultant ADP issued its report on monthly private-sector job gains for April. In Colorado, employment in the private sector increased by 3,300 from March, or 0.16%. Though this was a smaller monthly gain than others in 2015, it reflects a continued positive outlook about the economic climate.
What This Means For Small Businesses
Before growing a business it helps to have data indicating economic conditions for doing business have improved, and will continue to do so. Colorado business owners are feeling more confident about opportunities for growth, which could have impacts on hiring, spending, and the start of small businesses across the state. However, no one datapoint is enough to provide a definitive view of economic health, and other indicators have painted a more nuanced picture in recent months.
Additional Reading
The Springfield (MO) News-Leader and the Orange County (CA) Register detail the impact of the survey nationwide, while the Denver Business Journal notes results of the survey across Colorado, particularly in the Denver area. The Grand Junction (CO) Business Times notes the rise in the NFIB’s small business confidence index, and the Denver (CO) Business Journal provides information on April private sector hiring in Colorado.
