“I’m hearing every day from small business owners that business is booming. As the tax and regulatory landscape changed, so did small business expectations and plans,” said NFIB President and CEO Juanita D. Duggan.
Small businesses make up a large portion of those employed across the U.S. According to data from the Census Bureau’s Annual Survey of Entrepreneurs: Employer firms with fewer than 500 workers employed 46.8% of private sector payrolls in 2016. Employer firms with fewer than 100 workers employed 33.4%.
The owners of small businesses have never been more optimistic. The NFIB Small Business Optimism Index hit 108.8 in August, the highest on record surpassing the 108.0 hit back in July 1983.
The August survey showed:
- Job creation plans and unfilled job openings both set new records.
- The percentage of small business owners saying it is a good time to expand tied the May 2018 all-time high.
- Inventory investment plans were the strongest since 2005 and capital spending plans the highest since 2007.