The latest Wells Fargo/Gallup Small Business Index score is at its highest level since the beginning of 2008 ”” having increased to positive 58 in November, up from positive 49 in July.
There are 74 Wells Fargo stores and 100 ATMs throughout Connecticut, with 35 stores and 46 ATM locations in Fairfield County.
The survey found 71 percent of respondents expect their overall financial situation to be very or somewhat good over the next 12 months, up from 66 percent in July 2014.
“The survey is encouraging because it shows that small-business owners are the most optimistic they”™ve been since 2008,” said Ron Coccaro, Wells Fargo business banking area manager for New York and Connecticut. “Whether it is hiring, capital spending, the operating environment, revenue growth or overall optimism in general, they are expecting 2015 to be a better year.”
Regarding future expectations, the survey pegged its small-business optimism score as more than doubling in a year”™s time.
“The future expectations score is helping drive the rise in optimism,” Wells Fargo said in a press release accompanying the data. “This score increased to positive 37 in November up from positive 17 a year ago. The present situation ”“ how business owners rate current conditions for their businesses ”“ also continues to steadily climb, having increased to positive 21, up from positive 7 in fourth quarter of 2013.”
On hiring, the survey found 26 percent of small-business owners say they plan to increase the number of jobs at their companies, up from 20 percent in July 2014 and up from 16 percent in the fourth quarter of 2013.
In the arena of capital spending, the survey data indicate 29 percent expect to increase the amount of money allocated for capital spending compared with 25 percent in July 2014.
Fifty-one percent of small-business owners who responded expect their company”™s revenues to increase in 2015, while 14 percent expect a decrease.
The biggest challenge as cited by 14 percent of respondents was attracting customers and new business.
Survey respondents also were asked about the cost of health insurance and health care, and the anticipated impact on their business.
Eighty-eight percent of small-business owners have health insurance for themselves and their families and 83 percent say that this coverage meets their needs.
For 2015, 25 percent of respondents plan to offer health insurance options for their employees, up from 19 percent in 2010.
More than half ”” 56 percent ”” of survey respondents believe the cost for health care in 2015, including insurance and out-of-pocket medical costs, will cause “a great deal or some” financial hardship.
