Small business optimism is at a four-year high, but ongoing economic issues have made this year's presidential cycle even more important for small business owners.
Q3 2024 MetLife/U.S. Chamber of Commerce Small Business Index released Tuesday showed that small business owners are more optimistic about their businesses now than they have been in the past four years, but still share a persistent and common concern: For more than two years, inflation topped the list as the thing that business owners are most concerned about.
A majority of small business owners surveyed (59%) said the economy and inflation should be the most important priorities for the next administration, with 56% citing inflation as their biggest personal concern.
Income was the second highest concern (28%), followed by employee benefits (16%) and interest rates (15%).
More than seven in 10 business owners (71%) indicated they were more interested in the 2024 election than the 2020 election, while nearly four in five (78%) said the next President and Congress should give priority to the economy and inflation, an increase of over 20% from the results of the survey carried out at the same time four years ago.
Related: How the 2024 election result could affect interest rates and affect your finances
The index was based on a survey of 752 small business owners from July 18 to August 2. He rated overall optimism with a score of 71.2, higher than the score 50.3 recorded four years ago in the third quarter of 2020 and higher than each the recorded result between Q3 2020 and Q3 2024.
Although concerns abounded, there was also some optimism.
Of the small business owners surveyed, 73% expect to increase revenue in the coming year – the highest percentage since the Index began in 2017. Employment is also on the rise, with 44% anticipating adding more staff in 2025 .
“The local economy feels strong, restaurants and shopping centers are busy,” said a business owner from Marietta, Georgia in REPORT.