An overwhelming majority of Seattle area small business owners believe that the Seattle economy is stronger than the national economy, according to the 2013 Chase-Seattle Metropolitan Chamber of Commerce Pulse of the Small Business Survey. More than eight-in-10 (83 percent) Seattle area small business owners feel that their local economy is stronger than the national economy compared to 55 percent nationwide. Still, more than half (56 percent) of Seattle area small business owners believe the national economy is getting better, compared to about a third (34 percent) nationwide.
The survey also revealed that seven-in-10 Seattle area small business owners expect an increase in revenue over the next 12 months. Specifically, more than a third (34 percent) expect their businesses’ revenue to increase by more than 10 percent. A majority (52 percent) have reported an increase in revenue over the past 12 months, compared to 44 percent nationwide, fueling Seattle area small business owners’ positive economic outlook. The survey results were released today by Chase at a Seattle Metropolitan Chamber of Commerce event.
“Seattle is a thriving community whose creative energy is clearly helping small businesses to thrive, grow and keep our local economy moving,” said Tim Howell, business banking market manager for the Pacific Northwest, Chase. “Chase believes that small businesses are the engine of our nation’s economic growth, especially in Seattle, and we’re proud to support the continued success of small businesses within the community.”
Strong Seattle Economy Brings GrowthMore than two-fifths (42 percent) of Seattle area small business owners believe that their local economy has had a positive impact on the growth of their business, which is 22 percentage points higher than those nationwide. Over the past year, Seattle area small business owners have increased contracts and their customer base (34 percent), expanded products and services offered (33 percent) and hired more employees (22 percent) - all signs of a strong local economy.