ILLINOIS — Small businesses are wary about investing more in the state and it could have a negative effect on their bottom lines.
A survey shows owners can’t anticipate the direction of the economy. They don’t know whether it’s a good time to advance and grow. Many aren’t sure whether to hire new workers.
The National Federation of Independent Business‘ monthly “uncertainty index’ reached a 42-year low. Staff say the nation’s economy is to blame. The last time owners felt this way was during the 2008 – 2009 recession.
At this point, they can’t predict tax obligations, labor costs and health insurance costs. It’s causing many to avoid making big financial decisions.
In Illinois, the survey shows many businesses want to see the General Assembly vote on workers’ compensation. Other areas of uncertainty are whether to borrow money or make long-term financial decisions.
The state is also ranked the second worst small business climate in the nation. The survey by Thumbtack shows Illinois received an “F” rating in overall friendliness, plus employment and licensing regulations.