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.
“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).