Small business owners across the Pacific Northwest are more confident about the national and local economies this year — at least according to a recent survey released today by Union Bank.
The 18th annual Small Business Economic Survey found that more than half of small business owners in Washington said the national and local economies are headed in the right direction, up 17 points from January 2016.
“It is very encouraging to see more business owners holding a positive view of U.S. economy compared to last January,” said Union Bank Managing Director Todd Hollander, Head of Business Banking. “This confidence is essential if further job growth and expansion is to occur.”
However, small business owners in the Pacific Northwest region —Washington and Oregon — are significantly less optimistic about the direction of the U.S. than their West Coast peers. One-quarter of small business owners in the Pacific Northwest believe the U.S., as an entity, is headed in the right direction compared to 38 percent of West Coast businesses.
Other PNW findings: One-quarter of small business owners in the Pacific Northwest hired new employees in 2016, though 90 percent said they will keep personnel levels in line with last year. Slightly more than half (55 percent) of Pacific Northwest small business owners reported stable sales for 2016.