PROVIDENCE – More than half of small- and medium-business owners expect significant improvement in the national economy, according to the Citizens Bank Small Business Pulse Survey released Wednesday.
And that optimism is especially high in New England, due to strong national and company feelings, the survey found.
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Market Strategies International surveyed for Citizens more than 1,200 small- and medium-size business owners and decision makers with at least $100,000 in annual business revenue. The survey was conducted from February to March in the New England, Mid-Atlantic and Midwest regions.
Citizens said 51 percent of those surveyed expect significant improvement in the national economy with regional improvement expected, but more tempered, at 46 percent.
“We’re seeing a general optimism about the economy among our longtime customers and businesses in general, fueled by recent changes on the national stage. Interestingly, this confidence isn’t driven by expectations for specific policy changes,” Jack Murphy, president of Business Banking, Citizens Bank, said in a statement. “This optimism is translating into growth in terms of capital expenditures as well as hiring, with three-quarters of businesses telling us that they plan to hire staff in the near future.”
Murphy said the optimism bodes well for individual businesses and broader economic conditions.
Other survey findings:
- Eighty-one percent of businesses plan to increase their investment in technology in the next year.
- Ninety-five percent of decision makers believe technology will impact the future success of their business.
- Only about half of businesses see tax policy changes impacting their business (44 percent at the federal level and 50 percent at the local level).
- Two-thirds of businesses indicate regulatory changes will not impact their businesses.
- Sixty-nine percent of all businesses believe their financial future will improve in the next 12 months and one-third believe it will significantly improve.
- Relative to other industries, Industrial (57 percent), Tech (56 percent) and Pharma/Biotech (53 percent) anticipate higher capital expenditure.
Citizens Bank, owned by Citizens Financial Group Inc., is the largest Rhode Island-based bank.
Lori Stabile is the PBN Web Editor.
