Small business owners in Florida and Miami are feeling pretty optimistic about the economy, according to a recent study.
Data released by Thumbtack.com on small business sentiment shows that 66.72 percent of Florida small businesses felt optimistic about the economy last month. This ranks Florida sixth out the 18 states Thumbtack analyzed this month in small business optimism, increasing .36 percent percent from October.
Small businesses owners in Washington state had the most economic optimism, with 68.55 percent feeling confident, the study said.
Overall, 65.25 percent of small businesses expressed confidence in their small businesses and the economy at large out of the study’s 2,718 respondents.
But the study also showed that only 44.47 percent of small businesses with employees report they’re currently hiring, making November the fourth-slowest month for hiring in 2017.
Similar to Florida, Miami small business sentiment was also on the upswing with about 67 percent of small businesses feeling somewhat positive in November, placing the city 8th nationwide.
Miami business owners said the top problems in November they faced were: acquiring new customers, competition from other small businesses, and uncertain economic conditions.
Thumbtack’s monthly Small Business Sentiment Survey captures the economic sentiment of thousands of small businesses nationwide based on survey responses collected the second week of every month.
The survey’s results fall in line with a recent study by Bank of America, which found that 87 percent of Miami entrepreneurs are confident that their year-end revenues will exceed those of 2016. In addition, 22 percent of Miami entrepreneurs are planning to apply for a loan in the year ahead, which was the highest among business owners surveyed in 10 major cities.