The 2014 Chase Business Leaders Outlook shows increased optimism from U.S. and New York business leaders, which should translate into an equally optimistic outlook for the banking industry, the banking company says. Chase surveyed 3,500 business leaders and found that 73 percent of middle market companies (those with annual revenue between $20 million and $500 […]
The 2014 Chase Business Leaders Outlook shows increased optimism from U.S. and New York business leaders, which should translate into an equally optimistic outlook for the banking industry, the banking company says.
Chase surveyed 3,500 business leaders and found that 73 percent of middle market companies (those with annual revenue between $20 million and $500 million) and 67 percent of small businesses (firms with revenue ranging from $100,000 to $20 million) expecting increased sales this year. More than half of survey respondents anticipate higher profits this year.
“Things are feeling better. Things are getting better,” says William Dehmer, Chase’s market manager for its upstate New York market.
About 54 percent of middle market businesses and 42 percent of small businesses are optimistic about the nation’s economy, up 17 percent and 5 percent, respectively, from last year. And when it comes to their local economy, 63 percent of middle market companies and 57 percent of small businesses have a positive view.
That all adds up to good news for Chase and the banking industry in general, Dehmer says. “If our clients are growing, that creates opportunity for us to support that growth.”
About 70 percent of middle market companies anticipate a need for financing this year for initiatives including capital equipment, working capital, and acquisitions. About 61 percent of small businesses will consider financing this year for needs including working capital, capital equipment, and technology investments.
The change is refreshing to see after the long, slow recovery from the recession, Dehmer says. “I think for a number of reasons, you’re seeing a higher degree of optimism,” including here in the upstate New York market, he adds.
In New York state, 70 percent of middle market businesses and 63 percent of small businesses expect to increase sales in 2014. About 61 percent of middle market companies and 59 percent of small businesses expect to increase profits this year.
The survey found that 52 percent of middle market New York companies and 41 percent of New York small businesses expressed a positive outlook about the national economy. It found 48 percent of middle market companies and 43 percent of small businesses indicating a positive view about their local economy.
About 53 percent of middle market companies nationally and 50 percent in New York plan to add full-time employees this year, according to the survey. About 29 percent of small businesses nationally and 21 percent in New York plan to add full-time employees. In New York, about 29 percent of small businesses plan to add part-time employees.
To view the full 2014 Chase Business Leaders Outlook, visit: chase.com/businessleadersoutlook
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