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Small Business Survey at 50 Years Highlights Crucial Needs of Main Street

December 6, 2023

NFIB’s Holly Wade discusses the creation of the Small Business Economic Trends survey and what it shows 50 years later

Small Business Survey at 50 Years Highlights Crucial Needs of Main Street

When NFIB created the Small Business Economic Trends survey in October 1973, they probably didn’t expect how important a tool it would become. Now 50 years later, the survey continues to give lawmakers, media, economists, and others insight into the most pressing problems facing small businesses and an understanding of how owners respond to the larger economy and changes in policies. “Today, countless media outlets cover it, from the biggest national papers to the smallest local sources. Financial analysts rely on it, too,” said Holly Wade, Executive Director of the NFIB Research Center. “The survey helps them understand the economy’s small business sector, an essential part of the U.S. economy. After all, as small business goes, so goes the country and every community from coast to coast.” NFIB launched its small business survey – the first of its kind, designed by NFIB’s Chief Economist Bill Dunkelberg. Released quarterly, the survey asks a variety of questions related to financing, capital spending, sales, and business conditions. When NFIB published the first round of survey results fifty years ago, it was clear America was eager to hear from small business owners. “Prior to the first SBET publication in Q3 1973, virtually all data about America’s economy focused on big businesses,” explained Wade. “Yet small businesses were – and are – as important, if not more. They create two out of every three net new jobs. They account for half of U.S. GDP. They are the world’s third-largest economy, if they were their own country. And on top of that, all big businesses start, you guessed it, small!” The survey shows that pro-small business policies work. In the 1980s, Small Business optimism soared to record highs, mainly due to the smart policy that took the shackles off Main Street (Reagan Tax Cuts). Optimism soared again in the 2010s when tax cuts and deregulation gave the small business economy a new lease on life. However, the optimism was not as bright in the early 2010s or today. “Small business optimism has now been seen below its 50-year average for 21 months straight,” said Wade. “Something needs to change. And the survey makes clear where Congress should start. Small businesses are telling us that they need the 20% Small Business Deduction made permanent before it expires in 2025. They’re already holding back investment and growth as that deadline approaches. Giving them permanent relief is essential to the future of Main Street, millions of families, and our entire economy.” Lawmakers need to recommit themselves to a new era of policies that will strengthen Main Street and every community in the country. The health of the U.S. economy relies on small businesses. With the right federal and state policies, small businesses can make that happen.

Topics:

Economy

Labor

SBET

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