A new study release by Bank of America Corp. shows small business owners in Los Angeles are becoming more optimistic about local and national economic conditions.
The study, which surveyed businesses with revenues from $100,000 to $5 million, showed 47 percent of entrepreneurs believed the Los Angeles economy would improve in the next year – up from 40 percent in a spring survey. Of those surveyed, 39 percent felt the national economy would improve, a 10 percent gain from the spring.
One factor that could shake the numbers up: the survey was conducted from Aug., 7 to Oct., 4, 2016, before Donald Trump was elected President in November.
The survey also found certain concerns among Los Angeles small businesses outpaced the national average. Anxiety among local business owners over consumer spending was at 65 percent compared to 51 percent nationally; 58 percent were concerned about interest rates versus 46 percent nationwide.
Still, the majority of business owners in L.A. planned for growth – 67 percent planned to grow their operations in the next five years.
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