Nationwide, optimism and confidence among small business owners has been on the rise following the November election results. But in Wisconsin, there has been extra reason for celebration.
According to the 2016 Kauffman Index of Main Street Entrepreneurship, Wisconsin ranked second in the nation among the 25 largest states for small business activity. More than half of small businesses started in Wisconsin survive the first five years, and 6.5 percent of adults in the Badger State own a business as their main job. In general, Wisconsin boasts a strong amount of local small businesses that have established roots and found success.
There was more good news last month as well. The Legislative Fiscal Bureau believes there will be a balance of $427 million at the end of the fiscal year, June 30th, $322 million more than projected last November.
NFIB/WI State Director Bill G. Smith spoke out about how small businesses look forward to continued growth in 2017. “The increase in revenue growth and a positive balance projected for the end of the fiscal year is a true testament to the difficult work that was done in Madison just a few years ago,” Smith said in a statement. “Since then, we have seen a significant reduction in taxes coupled with an increase in jobs and we could not be more pleased to see Governor Walker is focused on continuing this trend through tax cuts and infrastructure improvements.
“Workforce development is no doubt a fundamental step towards continuing to strengthen Wisconsin’s economy and the small business community supports the Governor’s job training programs. When a small business owner can spend less time training new employees, they are more likely to hire additional people. The program is just one of the many reasons that our state has moved up in the national rankings as one of the best to do business.”