More than a quarter of biz owners plan to hire
More than a quarter of New York City small businesses plan on hiring more employees in the next year, according to a survey by Bank of America published Thursday. The general outlook of New York City small-business owners is not wildly optimistic, but it's not negative either. Notably, the data was taken before Superstorm Sandy and remains largely unchanged compared to a similar survey published six months ago. Half of those business owners surveyed in the bank's latest Small Business Owner Report expected their revenues to increase in 2013, while only 13% said they anticipated revenues to decline. The majority of respondents said they would be either growing or sustaining their businesses, with 27% reporting that they will hire more employees in the next year and 52% saying their staffing needs will remain consistent. "One of the things that I think is encouraging is that they are looking to hire more employees," said Chris Kaminski, Bank of America's senior vice president for small business banking in New York City. Mr. Kaminski said these signs are tempered by feedback on the local businesses climate. Only about 35% of those surveyed said they were confident that the local economy will improve in the next twelve months. The survey sampled 1,000 small businesses nationally and an additional 300 in New York with annual revenues between $100,000 and $5 million, and between 1 and 99 employees. Bank of America performed the same survey six months ago and the responses were similar. The surveying took place prior to Superstorm Sandy, which Bank of America officials say might change the outlook going forward. The bank's small business division anticipates allocating an additional $2.5 billion in credit to customers affected by the storm. "We're focused on getting these businesses up and running," Mr. Kaminski said.
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here