America’s small businesses are very optimistic.
Per Bloomberg, The National Federation of Independent Business’s (NFIB) index jumped 7.4 points last month to 105.8, the highest since the end of 2004, from 98.4.
The December numbers represent the largest rise in optimism since 1980 as expectations about the economy’s prospects improved dramatically in the aftermath of the presidential election.
“Rising confidence adds to the economy’s upward momentum,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York.
The share of business owners who say now is a good time to expand is three times the average of the current expansion, according to data from the NFIB. More companies also said they plan to increase investment and keep hiring, which reflects optimism surrounding President-elect Donald Trump’s plans of spurring the economy through deregulation, tax reform and infrastructure spending.
“We haven’t seen numbers like this in a long time,” said NFIB President and CEO Juanita Duggan. “Small business is ready for a breakout, and that can only mean very good things for the U.S. economy. Business owners are feeling better about taking risks and making investments.”
The report from the NFIB is based on a survey of 619 small business owners through December 28th. According to the Small Business Administration (SBA), small companies represent 99 percent of all U.S. Employers.
“Business owners who expect better business conditions accounted for 48 percent of the overall increase,” said NFIB Chief Economist Bill Dunkelberg. “The December results confirm the sharp increase that we reported immediately after the election.”
The Manufactured Housing Industry Speaks
Voices from around the manufactured housing industry also expressed optimism in the wake of President-elect Trump’s November win.
“The economy, regulations, and politics need disrupting. Stay tuned,” said Clayton Homes Founder Jim Clayton.
“I have become increasingly pleased with the outcome, but tempered that with cautious optimism.”
“It’s the dawning of a new day. After the shock and elation or disappointment wash over us, and we all have taken a collective deep breath, we can begin looking to the future. And in that future I think it is safe to say that changes, well, they are a comin’ in,” said DJ Pendleton, Executive Directory of the Texas Manufactured Housing Association.
“For any who might not yet be aware, in addition to President-Elect Trump heading to the White House, both the House and Senate will now be controlled by a Republican majority. All three branches of government are in Republican control. What will this mean? It simply means that there is little in the way of the Republican policy agenda.”
“With a personal background in business, rather than government, Mr. Trump, during the just-ended campaign, has been a consistent critic of innovation-stifling and job-killing overregulation and regulators who ignore or rationalize the far-reaching negative impacts of such regulations on the health of the economy, smaller businesses and consumers,” said MHARR President and CEO M. Mark Weiss.
For more from the manufactured housing industry on the election and the economy, click here. ##
(Image credits are as shown above.)
Submitted by RC Williams to the Daily Business News for MHProNews.