Contact Us
Make My Homepage

NJ Small Biz Optimism at Six-Year High [AUDIO]

Optimism among small business owners in New Jersey is slowly and steadily rising. The latest Wells Fargo/Gallup Small Business Index revealed optimism is at its highest level in over 50 years. The survey also suggested that there is possibly some good news for the unemployed in the Garden State.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

(Morgan Lane Studios/ThinkStock)

“Overall, optimism among small business owners continues to make a steady climb this year,” said Jim Malcolm, Wells Fargo Small Business Leader. “The latest small business index has it at its highest level in six years. While it’s well below pre-recession levels, the index shows business owners are feeling a little better about the economy and their operating environment and the score has increased in six of the last seven quarters.”

According to Malcolm, business owners feel credit opportunities have improved. The percent of businesses expecting credit to be difficult to obtain the next 12 months (26 percent) is at its lowest level since the third quarter of 2008. For the second consecutive quarter, more business owners expect to increase the amount of money allocated for capital spending (28 percent) than decrease (23 percent) over the next 12 months.

“Their plans of hiring employees continue to increase,” Malcolm said. “Twenty-one percent of the businesses are expecting to add employees this year, which is a great thing. They’re seeing an uptick in demand for their products and customer interest in what they do and they’re seeing the need to hire those employees.”

A larger percentage of small business owners expect their revenue over the next 12 months to increase. In fact, 51 percent of business owners expect an increase compared to 48 percent in the first quarter of 2014.

While most owners would start their business all over again, they’re not as likely to recommend a young person start a small business. More said they would recommend a young person work for someone else (47 percent) than start a business (42 percent).

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.