WASHINGTON, Sept. 10, 2019 /PRNewswire/ -- Data from the
Q3 MetLife & U.S. Chamber of Commerce Small Business Index
indicates that employers are experiencing high levels of confidence
about the state of their local economies and their financial
future. The index overall score increased yet again this quarter to
70.7, up two percentage points from Q2, marking the highest number
since its inception. This indicates that nearly 71% of U.S. small
business owners currently have a positive outlook on their
companies' financial future and business environment.
Results from the survey of 1,000 small business owners showed an
upward trend in confidence across the board, and more than a five
point uptick from Q1 2019. Not only are small business owners
confident about the national economy, they are also optimistic
about their local economic outlook. More than half of small
business owners (56%) report that their local economy is in good
health, the largest percentage since Q4 2018.
"Strong local economies have a ripple effect, and
create stronger state, regional, and national economies," said
Jessica Moser, senior vice president
and head of MetLife's Group Benefits Small & Specialty Business
organization. "Increased small business confidence
will allow them to continue to hire
and to invest in their businesses, which ultimately helps
everyone."
This quarter's index casts a spotlight on veteran-owned
businesses and the employment of veterans by small businesses.
Veteran-owned businesses share the optimism of their peers in the
strength of the economy. Almost a third of these businesses (31%)
plan to increase investment in the next year, a number 5 percentage
points higher than the national average (26%). One in 3 of these
businesses reported that securing financing or accessing capital
was the largest hurdle in starting their business.
"Small businesses are the backbone of the American economy,"
said Tom Sullivan, vice president of
small business policy at the U.S. Chamber of Commerce. "It's
important that we provide them with a sense of certainty and work
towards finding solutions that enable business growth and create an
environment where Main Street businesses can continue to
thrive."
Both veteran-owned and non-veteran owned businesses agree that
it is important to focus more on hiring veterans. While
approximately 80% of small businesses support hiring veterans,
about half (46%) report that they have ever hired a veteran. When
it comes to intentionally recruiting veterans, 23% of veteran-owned
small businesses report doing so, versus 10% of other small
businesses. Veteran-owned businesses are more likely to report
that they have hired veterans, with 59% of veteran-owned small
businesses saying they have hired military veterans, compared to
46% of non-veteran-owned small businesses who say the same.
"Veterans are proven learners with a passion for teamwork and a
commitment to results," said Joe
Shamess, Co-Founder and Owner of veteran-owned Flags of
Valor. "Every sailor, soldier, airman and marine entered military
service needing to learn the basic skills of the armed forces and
the advanced skills to support dynamic missions. Additionally, many
of them have even succeeded at their missions in combat
environments. Employing and empowering veterans is what we are all
about! It's a win-win for businesses and their
communities."
The Index results show that 88% of small business owners assert
that there should be more formal workplace programs to support
re-entrance into the civilian workforce. From a regional and
industry standpoint, leaders in hiring veterans are businesses in
the American South (51% have hired veterans) and manufacturing (63%
have done so).
About the Small Business Index
The Index is part of a multiyear collaboration by MetLife and
the U.S. Chamber to elevate the voice of America's small business
owners and highlight the important role they play in the nation's
economy. The initiative produces the quarterly MetLife & U.S.
Chamber of Commerce Small Business Index; a nationwide event
series, and the annual Dream Big Small Business Awards program,
which celebrates the achievements of small businesses and honors
their contributions to America's economic growth.
About the U.S. Chamber of Commerce
The U.S. Chamber of Commerce is the world's largest business
federation representing the interests of more than 3 million
businesses of all sizes, sectors, and regions, as well as state and
local chambers and industry associations. For more information,
visit www.uschamber.com.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates ("MetLife"), is one of the world's leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United
States, Japan, Latin America, Asia, Europe
and the Middle East. For more
information, visit www.metlife.com.
Please visit www.sbindex.us for the full results and
methodology.
CONTACT: Bridgett Hebert,
Press@uschamber.com
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SOURCE U.S. Chamber of Commerce; MetLife