The economic climate at the federal, state, and local levels affects small business owners in Ohio, and some geographic areas of the United States have recovered more quickly from the economic recession than others. For people who are involved in business planning, it can be helpful to consider the impact of the geographic area in which they operate.
According to a recent survey conducted by U.S. Bank, about 69 percent of Ohio small-business owners think that the local economy has room for improvement. When the survey asked respondents to compare the economic health of their region compared to the national economy, just 14 percent of Ohio business owners said that their area was doing better than the nation as a whole. Survey respondents pointed to the new federal health care law, high taxes, low wages, and unemployment as their top concerns.
Not all of the survey results were negative, however. Nearly 25 percent of business owners in the state said that they plan to hire additional employees in the next year. It’s also important to note that some areas of the state were hit particularly hard by the economic recession while businesses in other areas may be thriving. In fact, 68 percent of business owners said that their companies were doing well.
It is possible that state lawmakers will take these survey results into consideration and make positive changes at the state level. Anyone who is considering business formation or any important business financing decisions may want to work with an attorney who specializes in business to ensure that they are making the best possible decisions.
Source: The Columbus Dispatch, “Ohio small-business owners sour on their local economies,” Mark Williams, May 13, 2014
