Small Businesses to Washington: Prioritize the Economy
Source: U.S. Chamber of Commerce
This quarter, the MetLife & U.S. Chamber of Commerce Small Business Index is 71.2, similar to last quarter’s score of 69.5, and with sentiments from this time last year (69.2).
Small businesses report having their highest levels of confidence in years, but many are voicing concerns about Washington's gridlock and potential tax hikes.
Eyes on November: According to the MetLife and U.S. Chamber of Commerce Small Business Index, 71% of small business owners are more focused on this year's election than previous cycles, with many calling for America's leaders to work together to get things done.
Why it matters: Main Street businesses understand the decisons made in Washington directly impact their operations and bottom line.
- This includes taxes. Unless Congress and the White House act, the corporate tax rate will dramatically increase at the end of 2025. Such inaction would have real consequences for businesses, workers, and communities nationwide.
Small biz speaks: Small business owners are unwavering in their priorities, calling for policies that support the essential role they play to many local economies:
- Prioritize the economy: 78% want the next president and Congress to prioritize the economy and inflation.
- Fight tax hikes: 88% say preventing tax increases on businesses should be a top priority for the next Congress.
- Tackle inflation: 56% cite inflation as their biggest challenge, a figure that has remained steady since 2022.
- Work together: 84% believe partisan gridlock is a major obstacle and call for bipartisan compromise.
Bright spot: Despite concerns about what’s happening in Washington, small businesses report their highest confidence since early 2020, fueled by optimistic revenue expectations and plans to increase headcount next year.
- 73% expect revenue to increase next year
- 44% anticipate increasing staff in the next year—near a 2023 high of 47%
ABOUT
The MetLife and U.S. Chamber of Commerce Small Business Index elevates the voices of America's small business owners by evaluating their confidence levels and identifying their challenges. Conducted quarterly, this survey engages approximately 750 small business owners and decision-makers, providing valuable insights into the sector's overall health and outlook.