ALEC study shows state small business owners in a better place than national counterparts
FOR IMMEDIATE RELEASE
Contact: Suzanne Budge, Idaho State Director, [email protected]
or Tony Malandra, Senior Media Manager, [email protected]
BOISE, Idaho, April 9, 2024—Release today of NFIB’s monthly Small Business Economic Trends report (aka the Optimism Index) showed small business owners across the nation still not in a good mood about their segment of the economy, but the feeling improves quite dramatically when you get to Idaho where entrepreneurs here, according to the findings in the latest Rich States, Poor States report put out by the American Legislative Exchange Council (ALEC) and also released today, ranked the state No. 2 in the nation for economic outlook.
“All of our research are national snapshots, not broken down by state,” said Suzanne Budge, Idaho state director for the National Federation of Independent Business (NFIB), so it’s no surprise that today’s SBET showing a 27th consecutive month below its 50-year average doesn’t find many small-business owners very optimistic—except when you get to Idaho, where ALEC’s Rich States, Poor States finds them with a much sunnier outlook. And, I’ll give you two words why: Policy Matters! Our state’s policymakers go the extra mile for small-business owners by reducing taxes, holding unemployment insurance and workers’ compensation costs within reason, and generally looking askance at all proposals for addition rules, regulations, and fees.”
From NFIB Chief Economist Bill Dunkelberg on Today SBET Survey
“Small business optimism has reached the lowest level since 2012 as owners continue to manage numerous economic headwinds. Inflation has once again been reported as the top business problem on Main Street and the labor market has only eased slightly.”
Highlights from Today’s Optimism Index Report
- The net percent of owners who expect real sales to be higher decreased eight points from February to a net negative 18% (seasonally adjusted).
- Twenty-five percent of owners reported that inflation was their single most important problem in operating their business (higher input and labor costs), up two points from February.
- Owners’ plans to fill open positions continue to slow, with a seasonally adjusted net 11% planning to create new jobs in the next three months, down one point from February and the lowest level since May 2020.
- Seasonally adjusted, a net 38% reported raising compensation, up three points from February’s lowest reading since May 2021.
NFIB’s monthly Small Business Economic Trends (SBET) report is the gold standard measurement of America’s small business economy. Used by the Federal Reserve, Congressional leaders, administration officials, and state legislatures across the nation, it’s regarded as the bellwether on the health and welfare of the Main Street enterprises that employ half of all workers, generate more net new jobs than large corporations, and gave most of us the first start in our working life. The SBET (Optimism Index) is a national snapshot of NFIB-member, small-business owners not broken down by state. The typical NFIB member employs 10 people and reports gross sales of about $500,000 a year.
Keep up with the latest Idaho small-business news at www.nfib.com/idaho, where this news release can also be found, or by following NFIB on Twitter @NFIB_ID.
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For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
NFIB Idaho
802 W. Bannock Ste. 301
Boise, ID 83702
208-345-6632
Web page : NFIB.com/ID
Twitter: @NFIB_ID
