A new Wisconsin Small Business Economic Trends (SBET) report, produced by the National Federation of Independent Business (NFIB) Research Center and released today, highlights responses from Wisconsin small business owners on a variety of issues compared to national averages from the NFIB’s monthly SBET surveys throughout the year.  

The Small Business Optimism Index for Wisconsin small businesses in Winter (October-March) 2025-26 was 98.8, 0.3 points above the national average. Of the 10 components that make up the Index, the individual component gaps between Wisconsin and the U.S. are quite small for the most part. The biggest single difference is in real sales expectations, where Wisconsin businesses are substantially more pessimistic. That said, Wisconsin scored high in plans to increase employment and plans to make capital outlays.

“Wisconsin’s SBET report confirms how destructive high taxes – especially property taxes – and excessive red tape are to small businesses,” said NFIB Wisconsin State Director Luke Bacher. “The progress made this past legislative session on tax relief and other reforms proves that the small business community’s grassroots efforts and advocacy are invaluable.  Next up, voters have a chance to have their voice heard at the ballot this fall on ending the 400-year property tax increase.”

Wisconsin small business owners reported that their top issue is labor quality, followed by taxes. The Employment Index confirms that workers are harder to find and keep in Wisconsin than in the U.S. overall.  Labor quality being ranked as the highest top issue explains Wisconsin’s plans to increase employment and expand, as seen in the Optimism Index Components. The recent tax relief passed in the Legislature’s surplus package this Spring will also relieve some of the tax burden.

The data for this report is sourced from NFIB’s Small Business Economic Trends (SBET) Survey. The NFIB Research Center has collected SBET data, polled from a random sample of NFIB members, with quarterly surveys since the fourth quarter of 1973 and monthly surveys since 1986. To create this new state-specific report, NFIB pooled data from multiple surveys into a weighted average for a given season (Apr-Sep for summer and Oct-Mar for winter). This report analyzes data from Wisconsin respondents throughout 2025.

Paid for by National Federation of Independent Business