Majority of Small Business Owners Say U.S. Economic Environment is Harming Their Business

National Write Your Congressman Index identifies immigration, inflation, and the U.S. economy as top issues business owners want Presidential candidates to address as Election Day nears

DALLAS, Oct. 9, 2024 /PRNewswire/ — National Write Your Congressman (NWYC), an organization that gives small businesses a voice in government, released its Q3 2024 Index measuring Congressional and business sentiment. The Index found an increase in business owners’ trust, satisfaction, and hope in Congress from Q2 2024, but more than 85 percent of business owners say the U.S. economic environment is harming their business. Sixty-seven percent of business owners are concerned and fearful the U.S. economy is moving in the wrong direction.

“Small business owners are deeply concerned about how the election results may impact their business, especially given the current economic challenges,” said Randy Ford, President and COO of National Write Your Congressman. “However, it’s encouraging to see an increase in trust, satisfaction, and hope in Congress over the last four years. Business owners remain resilient, and we encourage them to continue advocating for their business priorities in Washington, ensuring their voices are heard.”

The 2024 Election
Among those who watched the second presidential debate, 83 percent said it did not change their voting decision for November. Only three percent of business owners are still deciding or unsure of who they will vote for in the 2024 presidential election. Last quarter, nine percent of business owners were undecided. 

The Index identified immigration, inflation, the U.S. economy, taxes, and the U.S. debt ceiling and government spending as the most important topics business owners want candidates to address.

“With higher costs of products, labor, and living expenses, I hope that the president would work to implement changes not only in the regulations that affect our business but will try and reduce the high cost of government in our lives,” said Patrick Hanon, Owner, O’Hanon’s LLC in Farmington, New Mexico.  

Fifty-nine percent of business owners expressed significant concern about the effects of immigration policies on their ability to hire qualified workers. Twenty-two percent believe tax cuts for middle-class families and small businesses will benefit their business.

Economic Outlook
Sixteen percent of business owners are worried the U.S. economy will decline due to the November 2024 election. Only four percent of business owners remain optimistic that the U.S. economy is heading in the right direction.

Small businesses are facing challenges as 35 percent report a decline in performance, a 13 percent jump from last quarter. Nearly half have remained stagnant, while only 16 percent are experiencing growth—down from 19 percent in the previous quarter.

“Our business has not thrived but maintained for the past three years.  Inflation has cause us to endure an economic flatline,” said Shannon Lang, Havener’s Termite & Insect Control located in multiple locations across Missouri.

Congressional Sentiment
Fifty-eight percent of business owners believe their elected U.S. Congressional Members know their opinions on important issues. Forty-one percent believe their elected Congressional Members act according to their constituents’ input, an increase from Q2 2024.

“We need real leaders to lead our country. Someone who can relate to the everyday issues of businesses and individuals,” said Todd Hendricks Sr., Founder Pioneer Industrial Systems, LLC located in multiple locations across Ohio.

Methodology
NWYC collected data using an online survey from September 12 through September 25, 2024. A total of 1,237 respondents participated. Respondents represent 49 of the 50 states in the U.S. Sixty-one percent of business owners surveyed employ one to nine employees, and 37 percent employ 10 to 99 employees.

About National Write Your Congressman
Since 1958, National Write Your Congressman (NWYC) has empowered small businesses by providing nonpartisan information, research, and tools to connect with their representatives in Washington. As the nation’s largest, privately held, nonpartisan membership organization made up of small businesses, NWYC’s team of experts provides unbiased, nonpartisan information and research on top issues and pending legislation relevant to small business owners today. NWYC presents both sides of the issue so that members can form an educated opinion and let their elected officials know their opinion. For more information visit www.nwyc.com.

SOURCE National Write Your Congressman

Go to Source