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Florida Small Businesses Reporting Higher Company Sales
But Still Uncertain About The Economy
More than half of Florida business plan to hire new employees this year
TALLAHASSEE, Fla. (Jan. 13, 2016) – A new Florida Chamber of Commerce Small Business Index Survey shows Florida’s small businesses are reporting higher sales than in previous quarters, with 65 percent of respondents reporting increased company sales compared to the same period last year and 79 percent expecting increasing sales in the coming year. Survey results were released today in conjunction with the Florida Chamber’s Board of Governors Capitol Days.
While sales outlooks have improved significantly, Florida’s small businesses are uncertain about the future. Only half of respondents expect the economy to improve during the next 12 months and 21 percent of respondents cited economic uncertainty as their top issue. This sense of economic uncertainty is also a top concern of Florida voters, who say jobs and the economy is their top concern – according to a separate Florida Chamber Political Institute poll released earlier today. Access to capital was the second most frequently cited challenge facing Florida small business community.
“The results of the Small Business Index Survey show that Florida small businesses are optimistic about their company’s financial health and performance but have growing concerns with Florida’s long-term economic outlook,” said Dr. Jerry Parrish, Chief Economist and Director of Research, Florida Chamber Foundation. “The good news is that Florida’s economy is growing at a faster rate than almost any other state in the nation.”
The Florida Chamber’s Small Business Index Survey shows:
- Top Issues Facing Small Businesses: Economic uncertainty (21 percent), access to capital (16 percent), government regulations (15 percent), workforce quality (14 percent), and growth management processes (12 percent) are the issues facing Florida small businesses.
- Hiring Plans: 55 percent of the small businesses surveyed have plans to hire new employees during the next six months, up from 43 percent in last quarter’s survey.
- Respondents: 47 percent of respondents employ less than five employees, with only 9 percent of respondents employing 100 employees or more.
The Florida Chamber’s Small Business Index Survey was conducted electronically December 18, 2015 through January 11, 2016. Click here to view the full report.
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.