Florida Small Business Index Survey

 

 

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Many in Florida’s small business community are experiencing both challenges and successes as our economy grows. As we work to secure Florida’s future, it is crucial that the Florida Chamber of Commerce understands what issues are most important to small businesses. The Small Business Index Survey tracks trends and issues affecting small businesses in Florida. Small business owners are surveyed in order to monitor small business trends and identify emerging issues that may be addressed by the Florida Chamber’s Small Business Council.

Potential Trade War, Expansion of Tariffs, Slowing Growth in Other Economies Leave Florida’s Small Businesses Feeling Uncertain

Survey Results: 2019 – Quarter 1

 

While Florida’s economic outlook for 2019 is strong, the threat of a trade war, expansion of tariffs and slowing growth in other economies has Florida’s small business owners uncertain about the economy.

The Florida Chamber of Commerce’s First Quarter Small Business Index Survey shows economic uncertainty now tops the list of issues keeping small business owners up at night. This is the first time in eight quarters that economic uncertainty has risen to the number one concern – beating out workforce quality.

While Florida’s small businesses appear cautious, the truth is Florida’s future is healthy. According to data from Florida Chamber Foundation Chief Economist Dr. Jerry Parrish, Florida can expect to create 150,000 jobs in 2019 and there’s a low chance of recession.

The Florida Chamber’s first quarterly statewide Small Business Index Survey shows small businesses are most concerned about:

  1. Economic Uncertainty – 23%
  2. Workforce Quality – 18%
  3. Growth Management Process – 9%
  4. Government Regulations – 9%
  5. Access to Capital – 8%

Of Florida small businesses, 47 percent of respondents expect the economy to improve, down from 77 percent one year ago. More interesting is that 41 percent of businesses expect the economy to weaken over the next year – up from 20 percent in last quarter’s survey and 10 percent one year ago.

The Florida Chamber’s Small Business Index Survey was conducted electronically November 28, 2018 through January 3, 2019. 44 percent of respondents employ less than five employees, while 40 percent employ five to 49 employees.

 

Florida Small Business Index Survey: Past Results