Survey finds business owners feel positive

Staff report

YOUNGSTOWN

Ohio small-business owners are feeling better about the economy, according to the results of the 2015 U.S. Bank Small Business Annual Survey.

The recent survey polled 3,202 small businesses during the first quarter of this year, including 200 in Ohio, with $10 million or less in annual revenue across the 25 states where U.S. Bank provides small-business banking services.

The survey looks at trends in economic sentiment, issues of greatest concern to small-business owners, plans for future hiring, capital expenditures and innovations.

The survey found fewer businesses believe the nation is still in a recession, but there is concern about health care and the cost of labor.

In Ohio, 23 percent of small-business owners believe the nation still is in a recession, down from 35 percent last year and 45 percent the year before.

Ohio small-business owners are cautious about significant investments. One in three are likely to make a capital expenditure in the next year, according to the survey, and 26 percent plan to add staff in the next year.

When it comes to borrowing money, 75 percent of Ohio businesses say it is easy for them to do so, but just 10 percent said they have borrowed in the last six months.

A majority of the Ohio small-business owners surveyed, 72 percent, describe the financial health of their business as good, very good, or excellent.

At the state level, 71 percent of small-business owners, compared with 75 percent nationally, said they have integrated mobile technology into their business strategy.

In addition, 61 percent of Ohio small-business owners, compared with 67 percent nationally, maintain a social media presence to make connections, find talent or market their business.