Small Business Owners More Confident in NY than Nation

May 17, 2012 Updated: May 17, 2012

NEW YORK—Small business owners in New York City are feeling more confident with the local economy than the national one.

Half of Metro New York small-business owners feel assured that the local economy will improve in the course of a year, whereas only 41 percent think the same of the national economy, according to the Bank of America Small Business Owner Report released on Thursday.

“Despite economic hurdles, Metro New York small-business owners have plans to continue hiring and expanding, which is why it’s critical that the private and public sector continue to find ways to support local small businesses,” said Jeff Barker, New York City market president for Bank of America.

“Small business owners are making huge personal sacrifices to spur job creation and contribute to the growth of our city’s economy,” Barker said.

The report found that Metro New York small business owners tend to put themselves last on a list of priorities. Fifty-three percent said that they sacrifice “time for themselves” for their businesses.

According to the report, 44 percent of Metro New York small-business owners feel that running a business is three times as stressful as raising children.

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