News Summary
A recent PNC survey reveals that 84% of business owners in Raleigh express optimism about their future, despite inflation concerns. Local entrepreneurs report higher confidence in the local economy than the national average, with many expecting increased demand and profits. While 5% plan to hire more staff and 15% wish to extend working hours, inflation remains a primary concern. Overall, a resilient business outlook persists, supported by favorable economic conditions.
Raleigh Leads Business Optimism Despite Inflation Concerns, PNC Survey Finds
Raleigh, NC — A recent survey indicates that small and mid-sized business owners across the United States are experiencing heightened optimism regarding their future prospects, despite ongoing inflation worries. According to the survey, a record 84% of these business owners feel increasingly positive about their operations over the coming months, reflecting confidence in the current economic landscape.
Key Findings Highlight Economic Sentiment
The semi-annual survey, conducted by PNC Bank, a financial institution based in Pittsburgh with approximately 105 offices in North Carolina, reveals that business owners see inflation as the most significant potential risk over the next six months. Nonetheless, overall optimism remains strong, driven by favorable economic conditions such as stock market performance nearing record highs, steady job creation, and sustained consumer demand.
Local Business Outlook in Raleigh
Business owners in Raleigh demonstrate optimism comparable to the national average, with a notable sense of confidence regarding both local and national economies. Specifically, 75% of Raleigh-based entrepreneurs report positivity about the local economy, surpassing the 67% figure reported nationwide. Moreover, many Raleigh owners are optimistic about future demand and profitability, with 53% expecting an increase in demand for their products or services and 46% anticipating higher profits in the next six months.
Employment and Workforce Expectations
Employment prospects among Raleigh business owners are modest, with about 5% planning to add full-time staff, and approximately 15% intending to increase weekly working hours. These figures suggest cautious optimism about hiring and workforce expansion amidst economic uncertainties.
National Economic Sentiment and Challenges
Across the country, nearly 60% of business owners express optimism about the U.S. economy, up from 50% in spring and 56% last fall. Additionally, 44% of owners are optimistic about the global economy, marking the highest level in the survey’s history. However, concerns about inflation persist, with over half (51%) of Raleigh-based owners expressing extreme concern over rising prices, compared to 46% nationally. Other risks identified include tariffs, uncertainties surrounding trade policies, slower job gains, and elevated interest rates.
Recessionary Outlook and Economic Predictions
Despite confidence, a segment of Raleigh business owners see potential economic downturns; about 35% believe a recession could occur within the next 12 months, with 7% viewing it as “extremely likely.” Experts anticipate the economy will continue to grow over the next year, albeit at a slow pace and with higher inflation levels. Some relief may emerge if the Federal Reserve considers lowering interest rates to counteract softening job growth.
Survey Methodology and Future Plans
The survey was conducted by Artemis Strategy Group between July and August, gathering responses from 500 business owners nationwide, including 150 in the Raleigh metropolitan area. Participants reported annual revenues ranging from $100,000 to $250 million. Looking ahead, PNC plans to expand its regional presence by establishing approximately 35 additional offices in Charlotte and Raleigh over the next five years, aiming to support local business growth and economic development.
Conclusion
Overall, the latest survey underscores a resilient small and mid-sized business sector in Raleigh and throughout the U.S., showing optimism despite inflationary challenges. While economic risks remain, the prevailing sentiment suggests confidence in continued growth, supported by strong market fundamentals and cautious optimism among business owners.
Deeper Dive: News & Info About This Topic
HERE Resources
Raleigh Business Owners Show Record Optimism Amid Inflation
North Carolina Construction Industry Shows Resilience
Economic Data and Federal Reserve Meeting Shape Real Estate Outlook
Additional Resources
- Business NC
- WRAL
- News Observer
- CBS17
- ABC11
- Wikipedia: Economy of North Carolina
- Google Search: North Carolina business economy
- Google Scholar: business optimism North Carolina
- Encyclopedia Britannica: Business
- Google News: North Carolina business news
Author: STAFF HERE RALEIGH WRITER
RALEIGH STAFF WRITER The RALEIGH STAFF WRITER represents the experienced team at HERERaleigh.com, your go-to source for actionable local news and information in Raleigh, Wake County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the North Carolina State Fair, Raleigh Arts Festival, and the Hopscotch Music Festival. Our coverage extends to key organizations like the Greater Raleigh Chamber of Commerce and Visit Raleigh, plus leading businesses in technology and education that power the local economy such as Red Hat and NC State University. As part of the broader HERE network, including HEREAsheville.com, HERECharlotte.com, HEREGreensboro.com, and HEREOBX.com, we provide comprehensive, credible insights into North Carolina's dynamic landscape.
