New Mexico: #8 for small business optimism

Highlights:

  • 2016 was a divisive year for the state’s business owners
  • Local merchants are highly confident about prospects this year
  • We outline the top reasons for optimism and pessimism

Last year was a divisive one for small businesses in the Land of Enchantment. According to our national poll of business owners, 43% of merchants in New Mexico were “very satisfied” with their business performance in 2016, which is nearly 50% higher than the national baseline of 30%. On the flip side, 32% said they were somewhat dissatisfied, which is double the national average.

In 2017, local business owners in New Mexico are feeling good. In fact, optimistic owners outnumber pessimistic ones 8 to 1, ranking this southwestern desert state #8 nationally for small business optimism. Only 10% of the state’s business owners report pessimism this year.

That bodes well for the state’s economy, as optimism is a big driver of economic value. What’s behind all the good energy in New Mexico? Turns out, quality employees, strong company financial health, and a vibrant national economy are the biggest sources of confidence.

Conversely, pessimistic merchants are worried about the election of Donald Trump as president (not surprising considering more than half of SMB owners voted for Hillary Clinton), the health of the local economy, and local business regulations.

Our study also dove into how New Mexico’s small business owners feel about big policy issues like Obamacare repeal and tax reform. Read our full report below.

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