The Wells Fargo / Gallup Small Business Index maintains the optimism level of small-business owners is higher than at any point in the survey’s 15-year history.
The latest quarterly survey, which measures small-business owners’ attitudes about a wide variety of factors affecting their businesses, showed the overall index score is +118, representative of being higher than prior 2018 measures.
Survey results are based on telephone interviews with a random sample of 604 small-business owners in all 50 states, officials said.
The index in the second quarter of 2018 was at +106 while the first quarter measured at +107. The index currently rests just above the record high +114 from 2006.
“It’s clear that small businesses are thriving and small business owners are experiencing more economic confidence as a result of our booming economy,” said U.S. Rep. Steve Chabot (R-OH), who serves as chairman of the House Committee on Small Business. “The Tax Cuts and Jobs Act is putting small businesses in the driver’s seat, and I’m proud of the bright future ahead for many.”
The index also determined 35 percent of owners expect the number of jobs at their businesses will increase over the next year, which officials said reflects the second-highest reading on the measure in the history of the index.
Business owners remain more likely to say hiring poses a greater challenge than any other single issue, per responses, with 18 percent citing the topic as their top concern. Hiring is the only issue cited by at least 10 percent of owners.