EXPORT, Pennsylvania — Despite 16 days of snow causing hazardous driving conditions for shoppers and diners, small-business owners in Western Pennsylvania expressed optimism about their prospects ahead of President-elect Donald Trump’s inauguration on Monday.
From a bustling mechanic shop to an independent Italian grocery store to specialty boutiques to two family restaurants, conversations with the owners of these Westmoreland County small businesses reflect the findings of the latest NFIB Small Business Optimism Index.
For 52 years, the research foundation arm of the National Federation of Independent Business has collected data from its membership. The report was conducted in December 2024, just weeks after Trump won.
NFIB chief economist Bill Dunkelberg said in a statement that optimism on Main Street continues to grow with the improved economic outlook following the election.
“Small-business owners feel more certain and hopeful about the economic agenda of the new administration. Expectations for economic growth, lower inflation, and positive business conditions have increased in anticipation of pro-business policies and legislation in the new year,” he said.
The survey showed small-business owners were confident that the 2017 tax cuts wouldn’t be allowed to lapse this year, thanks to the Republican majorities in the House and Senate and Trump’s return to the West Wing.
Small-business owners here said inflation remains a stubborn problem for them in trying to turn a profit. While inflation peaked in the summer of 2022 at a historic 40-year high of 9.1%, costs continue to rise.
The prices of gas, diesel, eggs, and even insurance have remained the biggest contributors to small-business angst over the past three years.
Small-business owners and their employees are the beating heart of the economy. Small businesses employ 61.7 million people, totaling 46.4% of private sector employees, according to the U.S. Small Business Administration.
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From 1995 to 2021, small businesses created 17.3 million net new jobs, accounting for 62.7% of net jobs created in this country since 1995.
In fact, there are over 33 million small businesses in this country. Many of us work in one or own one.
This article was originally published at www.washingtonexaminer.com
