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Small business optimism lower in New York, report shows

New York  business owners lag their national counterparts in small business optimism, and few small-business owners plan on hiring in 2017, a new report from Womply shows.

Womply—a merchant-focused technology and data company—polled more than 2,800 small-business owners nationwide to determine what is driving optimism and pessimism, how small business confidence might lead to hiring or expansion and how owners are thinking about key political and policy issues that affect small business.

New York ranked 34th nationally for small business optimism and 43rd for hiring intent. The state has 3.7 optimistic business owners for every pessimistic one. Additionally, just 17 percent of businesses plan to add staff this year.

The top reasons for pessimism, according to the report, were the presidential election, the health of the national economy and the state/local regulatory environment. The top reasons for optimism were quality/quantity of customers, quality of employees and the financial health of the industry.

Kansas ranked first for small business optimism, while Connecticut ranked 50th.

Follow Velvet Spicer on Twitter: @Velvet_Spicer

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-363-7269 or email madams@bridgetowermedia.com.

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