SAN DIEGO, Calif., – San Diego small business owners are significantly more confident about the national economy this year, according to results from the Union Bank annual Small Business Economic Survey released today. The 18th annual survey also found that hiring is on the rise, with San Diego small business owners increasingly planning to hire in 2017 compared to their West Coast peers.
Union Bank conducted the survey from Dec. 12, 2016 – Jan. 3, 2017, compiling results from nearly 700 small business owners in California, Oregon and Washington State, including 100 in San Diego.
Overall, in San Diego, almost 57 percent of respondents said the United States is headed in the right direction, a significant increase from 2016 when only 31 percent of San Diegans agreed. In contrast, 62 percent of total West Coast survey participants said the United States, as an entity, is headed in the wrong direction. This reflects a five percentage point increase from 2016. San Diegans were generally more positive about the direction of the nation.
Feelings that the national economy and local economy are headed in the right direction also increased significantly for San Diego owners from 2016. More than 58 percent believe the national economy is on the rise (up 25 points from 2016). As for the local economy, San Diego’s entrepreneurs are also positive, with almost 56 percent stating it is heading in the right direction. Additionally, an overwhelming majority of local business owners indicated that their own business is headed in the right direction (92 percent, up five percentage points from 2016).
Local small business owners are also more positive about the future business climate than the rest of the West Coast. Over one-half (51%) believe the business climate will improve in the next two years. When all West Coast respondents were asked about the next two years, only forty-one percent believed the overall climate for small businesses will improve. Significantly fewer San Diego owners felt the climate will worsen in the next two years when compared to the West Coast average.
“The optimism shown by San Diego business owners is due to a number of factors, including the strength of its emerging bio-tech and technology sectors and solid employment base,” said Union Bank Managing Director Todd Hollander, Head of Business Banking. “These businesses have really taken off lately and this is contributing to the increase in small business growth. Plus, San Diego is a great place to live.”
