Colorado Comment on Latest National Survey of Small Businesses

May 9, 2023

Colorado Comment on Latest National Survey of Small Businesses

FOR IMMEDIATE RELEASE Contact: Tony Gagliardi, Colorado State Director, tony.gagliardi@nfib.org, or Tony Malandra, Senior Media Manager, anthony.malandra@nfib.org DENVER, May 9, 2023—Colorado’s hurried shift to alternative energy sources is adding a new wrinkle to another grim forecast of the nation’s Main Street economy, says the state director for the association which produces the monthly Small Business Economic Trends (aka Optimism index) report released the second Tuesday of every month. 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. This latest Index decreased by 1.1 points in April to 89.0. This marks the 16th consecutive month below the survey’s 49-year history of 98. “Colorado employers are still looking for qualified workers. Those businesses looking for skilled trades workers are deeply concerned about having a supply of trained workers,” said Tony Gagliardi, Colorado state director for the National Federation of Independent Business (NFIB), which produces the Optimism Index. “As Colorado’s energy industry shifts to alternative fuel sources, such as solar and wind and now even hydrogen, employers fear certain employment policies demanded by Colorado’s State Legislature will make it impossible to hire these workers without further mandates for wages and benefits.” From NFIB Chief Economist Bill Dunkelberg “Optimism is not improving on Main Street as more owners struggle with finding qualified workers for their open positions. Inflation remains a top concern for small businesses but is showing signs of easing.” Highlights from today’s report

The frequency of reports of positive profit trends was a net negative 23%, five points worse than March.

A net negative 5% of owners viewed current inventory stocks as “too low” in April, down six points from March. This suggests stocks are now too large relative to expected sales.

The net percent of owners raising average selling prices decreased four points to a net 33% (seasonally adjusted).

The net percent of owners who expect real sales to be higher deteriorated four points from March to a net negative 19%.

Keep up with the latest Colorado small-business news at www.nfib.com/colorado or by following NFIB on Twitter @NFIB_CO or on Facebook @NFIB.CO ### 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 its 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 Colorado 1700 Lincoln Street, 17th Floor Denver, CO 80203 303-860-1778 www.nfib.com/colorado Twitter: @NFIB_CO Facebook: NFIB.CO