National Score 71.2

Those in the Northeast are among the most upbeat regarding their business health. Seventy-four percent say their business is in good health, which is significantly higher than the West (60%). Their outlook towards the U.S. economic environment is also improving; 44% say the U.S. economy is in good health, up 11 percentage points from last quarter, but a return to attitudes seen this time last year (42%, Q3 2023).

Southern small businesses are more likely than any other region to report they have increased staff, that they plan to increase staff in the next year, and that they are experiencing more local competition this quarter. A majority (54%) say they plan to increase staff in the next year, up nine percentage points from last quarter. They also feel significantly better about their local economy (43% say it’s good) than those in the West.

Compared to last quarter, small business owners in the Midwest are less comfortable with their current cash flow (65% are comfortable, down from 78%). This is, however, in line with Q3 2023 (67% comfortable). A similar number, 66%, say their business is in good health. Attitudes toward future revenue remain very optimistic, as 75% expect their revenue to increase over the next year.

Compared to those in the Northeast and South, small business owners in the West are less confident about the economic environment–both nationally and locally. Roughly a quarter feel the U.S. economy or their local economy is in good health. There is also a slight, but not significant, softening in comfort with cash flow (61% comfortable vs. 70% last quarter). However, their perceptions of their own business health have not changed.