More than 60 percent of businesses believe the economy will grow over the next six months, according to a survey conducted on behalf of Provident Bank, the oldest New Jersey-based community-focused financial institution.
The Mid-Year Business Outlook Survey is based on the responses of 1,000 business owners and senior executives working for companies with more than $1 million in annual revenue.
“Despite business owners voicing concerns about tariffs, our survey demonstrates a positive growth outlook in the near future,” Bill Fink, Provident Bank executive vice president and chief lending officer, said. “We’re observing businesses strategically adapting to this environment by proactively managing inventory and planning capital expenditures.”
Other survey findings include:
More than 55 percent of respondents believe ongoing tariff policies are having a negative impact on the United States, although more than 80 percent said the impact so far has been minimal or none.
More than 70 percent are “very” to “moderately” concerned about the impact of tariffs on their businesses, but more than 35 percent said to keep tariffs in some capacity.
More than 50 percent believe tariffs will decrease their business’ revenue. Planning ahead, some businesses are delaying capital expenditures and using careful inventory management and sales promotions.