YOUNGSTOWN, Ohio (WKBN) – When you hear about the economy, you want it to be positive news because that means more money in your pocket. The latest information shows things are looking up and businesses could be hiring more workers.
PNC’s spring survey for business is strong — in Ohio and across the nation.
Business owners are as confident about their business as they have been in the last eight years. Optimism has been going up steadily and jumped another 8 percent this spring. It’s now the highest since the survey began in 2009.
“The reason it matters is when there’s improved confidence in an economy, it could stimulate further investment and hiring,” said PNC economist Mekael Teshome.
We all benefit when firms invest more in the community and grow their business.
Teshome believes health care, finance, and education will be the big growers. He said employment gains are unlikely in the auto industry.
When firms are confident about hiring, they aren’t the only ones who benefit.
“If businesses are feeling that the economy’s doing great, enough that they need to grow, they need to add those workers. They’re more likely to hire and pay the wages to attract the good workers they want,” Teshome said.
One reason for all this optimism is businesses expecting tax cuts to help their profitability.
“That’s been a big part of this expectation for higher sales, higher profits, and more hiring,” Teshome said.
The survey shows a big increase in one year.
Confidence in the U.S. economy was only 59 percent last year and 65 percent in the state economy. Now both of those levels are around 90 percent, sparking big dreams.
“Northeast Ohio will experience persistent growth in the coming year. This just adds upside potential that if it’s sustained, we may very well have a pleasant surprise and may have to upgrade our forecast,” Teshome said.
It’s not just businesses, though. Teshome said consumers are thinking positive, too.
“We shouldn’t be afraid to buy a car, buy a home, and do things like that that we need to. The economy is set to grow.”
PNC’s next survey will be in the fall.