Small Biz Economic Trends: 2015 in Review Small Biz Economic Trends
Small Biz Economic Trends: 2015 in Review Small business owners were more optimistic than any year since the recession, but optimism is below the 42-year average of NFIB’s Small Business Economic Trends survey.
98
Average reading for all 42 years of the survey
OPTIMISM HAS BEEN ON THE RISE AS THE ECONOMY RECOVERS FROM THE GREAT RECESSION. NFIB Small Business Optimism Index: 2007-2015 100 97.0 95.5
97 94
92.5
92.2
2012
2013
91.4
Average reading
89.9
89.7
91
96.4
86.8
88 85 2007
2008
2009
2010
2011
2014
2015
BUT OPTIMISM ULTIMATELY DROPPED IN 2015. NFIB Small Business Optimism Index: 2015 100.0 97.9
98.4
98.3
98.0 96.9
96.8
95.9
95.4
96.1
96.1
95.2 95.2 93.6
94.8
94.1
92.0
ar u n a
y
ar u r b
Fe
J
y
h
rc Ma
il
y
Apr
e
Ma
Jun
y
Jul
st
u Aug
Why the Woes?
We asked: What’s the single most important problem facing your GOVERNMENT REGULATIONS AND RED TAPE
$808.1B: TAXES
20%
$11.3B:
ber ber tober m m e te Oc Nov Sep
business today?
21%
Government-imposed regulatory costs on businesses since 2008
2015’s small business health insurance tax (up 41% from 2014)
QUALITY OF LABOR
45.5%:
15%
Portion of owners with open positions in 2015 who reported few or no qualified applicants for the job—a sign the labor market is tightening
10%
COST/AVAILABILITY OF INSURANCE Rate at which deductibles are rising faster than wages
6X:
POOR SALES
9%
24.4%:
Portion of owners who increased sales volumes in 2015
AND SMALL BUSINESS OWNERS HAVE A DIM OUTLOOK FOR 2016. 7% more small business owners believe the economy will be worse than better in the next six months.
12% believe January will be a good time to expand.
25% plan to make capital outlays. 0
5
10
15
20
25
“Prospects for dealing with tax reform, the rising cost of healthcare and the flood of capital-devouring regulations are dim. This will continue to depress growth … into 2016.” –NFIB Chief Economist William Dunkelberg
Source: NFIB Research Foundation
NFIB.com/SBET2015
98
Average reading for all 42 years of the survey
OPTIMISM HAS BEEN ON THE RISE AS THE ECONOMY RECOVERS FROM THE GREAT RECESSION. NFIB Small Business Optimism Index: 2007-2015 100 97.0 95.5
97 94
92.5
92.2
2012
2013
91.4
Average reading
89.9
89.7
91
96.4
86.8
88 85 2007
2008
2009
2010
2011
2014
2015
BUT OPTIMISM ULTIMATELY DROPPED IN 2015. NFIB Small Business Optimism Index: 2015 100.0 97.9
98.4
98.3
98.0 96.9
96.8
95.9
95.4
96.1
96.1
95.2 95.2 93.6
94.8
94.1
92.0
ar u n a
y
ar u r b
Fe
J
y
h
rc Ma
il
y
Apr
e
Ma
Jun
y
Jul
st
u Aug
Why the Woes?
We asked: What’s the single most important problem facing your GOVERNMENT REGULATIONS AND RED TAPE
$808.1B: TAXES
20%
$11.3B:
ber ber tober m m e te Oc Nov Sep
business today?
21%
Government-imposed regulatory costs on businesses since 2008
2015’s small business health insurance tax (up 41% from 2014)
QUALITY OF LABOR
45.5%:
15%
Portion of owners with open positions in 2015 who reported few or no qualified applicants for the job—a sign the labor market is tightening
10%
COST/AVAILABILITY OF INSURANCE Rate at which deductibles are rising faster than wages
6X:
POOR SALES
9%
24.4%:
Portion of owners who increased sales volumes in 2015
AND SMALL BUSINESS OWNERS HAVE A DIM OUTLOOK FOR 2016. 7% more small business owners believe the economy will be worse than better in the next six months.
12% believe January will be a good time to expand.
25% plan to make capital outlays. 0
5
10
15
20
25
“Prospects for dealing with tax reform, the rising cost of healthcare and the flood of capital-devouring regulations are dim. This will continue to depress growth … into 2016.” –NFIB Chief Economist William Dunkelberg
Source: NFIB Research Foundation
NFIB.com/SBET2015
