Small business optimism is at a four-year high, but persistent economic issues have made this year’s presidential cycle even more important for small business owners.
The Q3 2024 MetLife/U.S. Chamber of Commerce Small Business Index released Tuesday showed that small business owners are more upbeat now about their businesses than they have been in the past four years, but still share one persistent, common concern: For more than two years, inflation has topped the list as the thing business owners are most worried about.
Most small business owners surveyed (59%) stated that the economy and inflation should be the most important priorities for the next administration, with 56% noting that inflation was their personal biggest concern.
Revenue was the second highest concern (28%), followed by employee benefits (16%) and interest rates (15%).
More than seven in 10 business owners (71%) indicated that they were more interested in the 2024 election than they had been in the 2020 election, while nearly four out of five (78%) said that the next President and Congress should prioritize the economy and inflation, an over 20% increase from survey results conducted at the same time four years ago.
Related: How the 2024 Election Outcome Could Affect Interest Rates and Impact Your Finances
The index was based on a survey of 752 small business owners from July 18 to August 2. It quantified overall optimism with a score of 71.2, higher than the 50.3 score recorded four years prior in the third quarter of 2020 and higher than each score recorded between Q3 2020 and Q3 2024.
Although the concerns were plentiful, there was also some optimism, too.
Of the small business owners surveyed, 73% expected to increase revenue next year — the highest percentage since the Index started in 2017. Hiring is also on the rise, with 44% anticipating adding more staff in 2025.
“The local economy feels strong, restaurants and shopping centers are busy,” one business owner from Marietta, Georgia stated in the report.
