Happy New Year! NJ Businesses Optimistic as Trump Takes Office
A new survey from Wells Fargo and Gallup finds small business owners in New Jersey and across the country are more optimistic now than they have been since early in 2008.
The Wells Fargo/Gallup Small Business Index surveyed small business owners was taken between Nov. 11 and 17, after Donald Trump was elected president.
The key drivers in the optimistic outlook included:
— 58 percent expect their company's revenue to increase at least a little next year.
— 70 percent believe will be somewhat or very good. That is an improvement from 65 percent in the July index.
— 35 percent plan to increase capital spending a little or a lot.
— 36 percent expect the number of jobs in their business to increase.
Lou Gallo, the Wells Fargo senior vice president and area manager for small business banking in New Jersey, says he sees that uptick in optimism.
"I am out in the field at least three to four times a week, talking to customers, so I get a good perspectives, and it is across all industries."
Gallo says they are seeing a lot of growth around the transportation sector and a lot of economic growth happening in northern New Jersey.
"Logistic companies and being able to move business and move materials in and out overall has been great. You are starting to hear that. Places like Amazon and Wayfair and UPS and FedEx, are really taking and building their infrastructure in New Jersey, which is helping our small businesses, as they are being suppliers to a lot of these different businesses."
"I think that people in small businesses are just really excited about how slow things were, and where things are going."
And there is a lot of optimism in the Hoboken, Jersey City and Newark areas.
The national survey also showed 1 in 2 small business owners are hopeful about the new president and Congress: 51 percent believe the incoming Trump administration and Congress will help business; 17 percent believe things will be worse; 26 percent in the survey feel Trump and Congress will have no impact.