45% Expect to Hire in Next Six Months; 76% Expect Increased Sales
TALLAHASSEE, FL. (June 24 , 2015) – With Florida’s economic recovery continuing to outpace the nation, small businesses continue to lead the way. According to the Florida Chamber’s Small Business Index Survey, released today at the 2015 Annual Florida SBDC Network Conference in Miami, small businesses are reporting higher company sales, improved economic outlook, and an increased willingness to hire new employees.
“Small businesses create two out of three new jobs in Florida and play a leading role in our state’s economy. The Florida Chamber’s Small Business Index helps track trends and issues impacting small businesses, and I’m pleased to report that the health of Florida’s small businesses is growing stronger,” Mark Wilson, President and CEO of the Florida Chamber of Commerce said during the Florida SBDC Network Annual Meeting in Miami.
The survey, conducted in conjunction with the Florida SBDC Network, shows 55 percent of small businesses reporting higher company sales compared to last quarter.
Top Issues Facing Small Businesses:
Economic uncertainty (24 percent), workforce quality (15 percent), government regulations (12 percent), access to capital (10 percent) and growth management processes (10 percent) are the issues facing Florida small businesses. Notably, access to capital has dropped from tying as the single biggest issue from more than a year ago, to the fourth overall issue during the latest survey.
62 percent of businesses surveyed reported higher company sales compared to the same time period last year, with only 14 percent of businesses reporting lower sales.
78 percent of respondents expect the economy to improve in the next 12 months, with 18 percent expecting the economy to “improve significantly,” more than double the amount from the Florida Chamber Q2 2014 survey. Additionally, 57 percent of businesses responded that their business is better off than six months ago.
“Small business optimism is on the rise, yet Florida’s small businesses continue to face a number of challenges, including access to capital and business resources,” said Michael Myhre, CEO and State Director of the Florida SBDC Network. “The Florida SBDC is committed to providing our state’s small businesses with the tools and resources needed to grow and succeed and create wealth for Florida’s economy.”
The Florida Chamber’s Small Business Index Survey was conducted electronically May 4 through May 22, 2015.
The Florida Chamber of Commerce is the voice of business and the state’s largest federation of employers, chambers of commerce and associations, aggressively representing small and large businesses from every industry and every region. The Florida Chamber works within all branches of government to affect those changes set forth in the annual Florida Business Agenda, and which are seen as critical to secure Florida’s future. The Florida Chamber works closely with its Political Operations and the Florida Chamber Foundation. Visit www.FloridaChamber.com for more information.