Advertisement
YOU ARE HERE: LAT HomeCollectionsEconomy

SoCal small-businesses split on state of economy, survey finds

April 26, 2013|By Adolfo Flores
  • A cashier puts cash into a register inside a Super Target store in Thornton, Colo.
A cashier puts cash into a register inside a Super Target store in Thornton,… (Matthew Staver / Bloomberg )

Owners of Southern California small businesses are mixed on the state of the economy, according to data released Thursday.

About 42% said the economy was recovering, and 48% said the nation was still in a recession, according to the U.S. Bank Small Business Annual Survey. More than two-thirds of the business owners said they were unlikely to make a capital expenditure in the next year.

In Southern California, 64% of respondents characterized their financial health as “good,” and 46% said they expect higher revenues in the next year.

"Businesses have healthy balance sheets, which is a good reason to be optimistic about future job growth when conditions contributing to this economic uncertainty improve," said Sean Foley, regional president for U.S. Bank in Southern California.

QUIZ: How much do you know about California's economy?

Still, about 54% of respondents said they don’t expect higher revenues next year, according to the study. Nationwide, 59% said they anticipate lower revenues in 2014.

The federal budget deficit ranked highest among the concerns of those in the survey, followed by unemployment, taxes and healthcare.

The survey polled about 3,200 owners of small businesses, including 201 in Southern California, that pulled in $10 million or less in annual revenue during the first quarter of 2013.

ALSO:

U.S. might not hit debt limit until October, new study says

Rare nickel, stuck in a closet for 40 years, fetches $3.2 million

Consumer confidence drops in April; Boston bombings not a factor

adolfo.flores@latimes.com

Follow Adolfo Flores on Twitter.

Advertisement
Los Angeles Times Articles
|
|
|