Menu
ncarol.com
  • Home
  • Business
  • Health
  • Arts
  • Education
  • Technology
  • Real Estate
  • Books
  • Non-profit
ncarol.com

First Citizens Bank's Annual Forecast Finds Small Businesses Confident, Undeterred By Economic Outlook
ncarol.com/10234906

Trending...
  • xREnergy up as much as +3,094,634% on first day listed on the XRP Ledger. Ticker : $XRE
  • Green Energy Solar Expands with New Offices in Port St. Lucie, West Palm Beach, and Orlando
  • Bonelli Systems Expands Managed IT Services Nationwide, Leveraging Microsoft Azure Expertise
79% of small business owners surveyed anticipate growth

RALEIGH, N.C., Sept. 11, 2023 /PRNewswire/ -- Nearly eight out of 10 small business owners feel a strong degree of confidence that their companies will grow over the next year even amid rocky market conditions, according to a new survey.

The ninth annual First Citizens Bank Small Business Forecast found 79% of owners to be somewhat or very confident their small businesses will experience growth over the next 6-12 months, citing bank loans (57%), business credit cards (49%) and non-bank loans (25%) as the key funding proponents supporting expansion.

The survey includes responses from business owners in 10 states: Arizona, California, Colorado, Florida, Georgia, North Carolina, South Carolina, Texas, Wisconsin and Virginia.

Confidence is strongest among Georgia-based owners, 94% of whom feel secure in their businesses' likelihood to grow. North Carolina and South Carolina owners expressed strong confidence in their ability to grow their business, with each state capturing 85% growth confidence. Texas rounds out the top four most confident states, with 81% stating they are optimistic about next year's growth.

"To see confidence of this caliber feels incredibly promising," said Doug Sprecher, executive director of sales strategy at First Citizens Bank. "The First Citizens Bank Small Business Forecast continues to show the resiliency, strength and tenacity of the small-business community despite external challenges, such as economic uncertainty. As a bank, we're eager to help small business owners sustain their positive positioning in the market, leading to further innovation and growth nationwide."

Uncertain economic conditions complicate trajectory to growth

Small business owners' overall attitude of resilience prevails, even as 60% identify ongoing economic uncertainty as standing between them and achieving their goals — up 9% from 2022. Inflation is another perceived challenge, with 54% citing it as a concern that could hinder growth, while 30% also reported changes in consumer behavior as a trend impacting their business performance — which is a 7% year-over-year increase.

More on ncarol.com
  • Aureli Construction Sets the Standard for Seamless Home Additions in Greater Boston
  • ScreenPoints Puts Film Investors in the Credits—and in the Money With New FinTech Platform
  • Pathways to Adulthood Conference May 17 at Melville Marriott Honoring NYS Assembly Member Jodi Giglio, Suffolk County Legislator Nick Caracappa
  • Adster Techologies awarded US Patent for breakthrough innovation in reducing latency in Ad Serving
  • Robert Fabbio Inducted into the Austin Technology Council Hall of Fame

Lingering pandemic-related issues show decline

Just 20% of business owners say that lingering pandemic-related issues pose a challenge for their businesses, which is a significant 19% decrease from last year.

Business performance remains stable

More than two-thirds (68%) of small business owners say they've seen success, which is on par with data collected in 2022. However, the small business community has yet to return to pre-pandemic levels of satisfaction, when 76% of owners in 2019 stated they'd enjoyed a successful year.

Other findings
  • Perception of success is highest among businesses with 11-50 and 51-plus employees, with close to 100% of respondents indicating success in the last year. This is a stark contrast to the 60% of businesses with 10 or fewer employees sharing feelings of success in the past 12 months. Also, business owners in skilled trades (80%) are more likely to claim success in 2023.
  • Confidence in the near-term economy remains low across all states surveyed. South Carolina and Wisconsin have both seen a 26% decrease in near-term economic confidence since 2021, with just 39% of the former and 30% of the latter feeling hopeful. Arizona expressed the lowest degree of confidence in near-term conditions at 26%.
  • Long-term economic confidence continues to be muted among small business owners. After plummeting in 2021 and 2022 by 14%, confidence in the long-term economy has remained relatively stagnant. Forty-eight percent of total respondents indicated hope for economic conditions in the next 2-3 years, down 20% since 2019.
  • Confidence in business growth declines with the age of respondents. Some 63% of owners over 55 years old are confident in their business' growth for 2023 – an 8% decrease from 2022, and a stark contrast to the 92% of those aged 18-24 who report confidence.
  • Business owners are less concerned about global conflict (24%, down 10% from 2022) and federal tax law changes (23%, down 4% from 2022) impeding growth in 2023. Rather, they identify inflation (54%, up 3% since last year) and unpredictable market conditions (34%, up 1% year-over-year) as the primary areas of concern.

The First Citizens Bank Small Business Forecast is conducted annually to assess the motivations, sentiments and successes of small business owners across the United States. This year, the bank expanded its Small Business Forecast from five to 10 states as it continues to grow. In previous years, the survey included responses from small business owners in California, Florida, North Carolina, South Carolina and Wisconsin. The 2023 survey adds sentiment from owners in Arizona, Colorado, Georgia, Texas and Virginia. For more information, visit FirstCitizens.com/small-biz-survey.

More on ncarol.com
  • Cybersecurity is Protecting Your Personal Information and Your Portfolio
  • Matthew Glova, CFP® of LifeTime Asset Honored in Forbes Best-In-State Wealth Advisors2025
  • L2 Aviation Celebrates Grand Opening of New Facility at Cincinnati/Northern Kentucky International Airport (CVG)
  • Managing Summer Staffing Surges with Confidence: Why Name Badges Are a Must for Seasonal Success
  • Visa Named Title Sponsor of Ascending Athletes' Business Owners Summits for NFL Entrepreneurs

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.



Contact:



Frank Smith




First Citizens Bank




919-716-4121


SOURCE First Citizens Bank
Filed Under: Business

Show All News | Report Violation

0 Comments
1000 characters max.

Latest on ncarol.com
  • Congressional Men's Health Caucus Shows Bipartisan Consensus and Focus on Prevention, Mental Health, and Closing the Lifespan Gap
  • DuoKey, Axiomtek and Blue Edge Network Partner to Enhance Smart Cities with Privacy-Preserving Urban Safeguarding and Fleet Management
  • Costa Oil Racing and Rick Ware Racing Celebrate Back-to-Back Victories Across the Country
  • Austin Keen Joins WakeFX RopePal as Official Brand Ambassador
  • Bonelli Systems Expands Managed IT Services Nationwide, Leveraging Microsoft Azure Expertise
  • $4.3 Million Patent Application Waiver Fee Granted by FDA on New Drug Application Fee for Treatment Addressing Suicidal Depression & PTSD: NRX Pharma
  • Whistleblower Claims Dental Patient Deaths Likely Due to Book Ban
  • Dr. Michael Matzinger Honored with Silver Antelope Award for Distinguished Service to Youth
  • xREnergy up as much as +3,094,634% on first day listed on the XRP Ledger. Ticker : $XRE
  • Psychiatry's Legacy of Racism and Coercion Highlighted in Restraint Deaths
  • New Book 'Cybersecurity Leadership' Guides SME Leaders to Make Smart, Strategic Security Decisions
  • Longtime Durham Bulls Performer and Dog Trainer Hit Hard by Economic Shift
  • "Stop scrolling and start watching" - Beloved film recommendation site Criticker gets a major makeover
  • Green Energy Solar Expands with New Offices in Port St. Lucie, West Palm Beach, and Orlando
  • Introducing the Wackadoodles for Kids Music
  • Events by Dubsdread Expands Services to The Venue at Lake Lily
  • London Gala Emphasizes Trade, FDI and Ongoing Cooperation
  • Sahit Muja Launches Trillion-Dollar Green Revolution with 10 Groundbreaking Cryptos
  • Free and Low-Cost Dental Care Now Available in London Through the Canadian Dental Care Plan (CDCP)
  • Garden State Gay Socials Turns One: 1st Birthday Celebration for Gay Men Who Want Real Connection
_catLbl0 _catLbl1

Popular on ncarol.com

  • Village Vapes and Cooking 4 Autism Announce Inaugural Partnership at MEGA 420 EVENT - 168
  • Perfect Body Laser & Aesthetics Launches New Website - 124
  • New Blog Post Shares the Ultimate List of Free Resources to Help Artists Make a Comic - 111
  • North American Security Launches New Website to Reflect Evolving Industry Demands and Client-Centered Solutions
  • The World's No.1 Superstar Champions the NO FAKES Act – Secures Global Identity and Cultural Legacy
  • Home Builders Association of Durham, Orange & Chatham Counties Awards Local Scholarships
  • 19th Annual High Performance Home Tour Will Feature Green Certified Homes Throughout The Triangle
  • Artist Séfora Camazano Honored with Prestigious Prize "The New Great Masters in New York"
  • Guests Can Save 20 Percent on a Florida Keys Vacation Home Rental with KeysCaribbean's 'Last-Minute Booking Discount'
  • Home Run Pest & Termite Control Launches Monthly Mosquito Service to Help Wylie, Plano, and Rockwall Homeowners Reclaim Their Backyards

Similar on ncarol.com

  • Asset-Backed Green Crypto: Fueling the Trillion-Dollar Revolution
  • NBA Champion Lamar Odom Launches Anti-Addiction Meme Coin, Ushering in a Disruptive Innovation in Web3
  • Cybersecurity is Protecting Your Personal Information and Your Portfolio
  • The Paris Court of International Arbitration Elects Dr. John J. Maalouf as its New President
  • $56.7 Million Announced in Q1 2025 with Revenue Growth and Progress Toward NASDAQ Uplisting for AI Marketing Company: IQSTEL, Inc. Stock Symbol: IQSTD
  • SAVVY MINING raised $500 million and launched BTC.XRP.DOGE cloud mining, increasing investors' returns by 30%
  • Ditch Micromanagement: New Leadership Book for Results-Driven, Accountability-Based Teams
  • Jay Tapp was named Managing Director in British Columbia
  • 20 Patents Issued Worldwide, Cementing Company Leadership. First Ever Cable-Free 12-Lead ECG: HeartBeam, Inc. (Stock Symbol: BEAT)
  • NASDAQ Uplisting for Higher Market Exposure and Wide Corporate Benefits to AI Boosted Marketing Company On Track Towards $1 Billion Revenue by 2027
Copyright © 2025 ncarol.com | Contact Us | Privacy Policy | Terms of Service | Contribute