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Dayton Business Journal...
Most Ohio
small-business owners say economy still in recession
Tuesday, July 5, 2011
Ohio’s small-business owners still see the economy as being in a
recession and most don’t expect to generate revenue growth next year.
Those are among the key findings in the new 2011 U.S. Bank Small
Business Annual Survey.
The survey found 74 percent of Ohio’s small-business owners believe the
economy is still in a recession. That’s better than the U.S. response
of 78 percent. But 61 percent of Ohio business owners who were surveyed
think their state’s economy is worse than the rest of the country’s.
Nationally, just 41 percent of those surveyed said their state’s
economy is worse than that of the nation.
Only 45 percent of Ohio’s small-business owners who were surveyed said
they expect their company’s revenues to be higher next year at this
point than they are this year. That’s worse than the national rate of
49 percent.
But the state of the current small-business economy appears to be a
little better in Ohio than in the rest of the country. Among those
surveyed, 69 percent said their sales are in line or higher this year
than they were at this point last year. Nationally, only 64 percent
responded positively to that question.
Another finding from the survey is that more Ohio business owners use
social networking than the rest of the country, with 44 percent in the
Buckeye state saying they use tools such as Twitter and Facebook to
help their business. The national figure was 39 percent.
However, a new executive survey from the commercial banking arm of
JPMorgan Chase & Co. shows decision-makers in Ohio more optimistic
about their companies’ prospects this year than the U.S. at large.
Click here to read that story.
U.S. Bancorp is the fifth-largest bank in Dayton. Fifth Third Bancorp
is the largest bank in the Dayton region, followed by PNC Financial
Services Group Inc. , JPMorgan Chase & Co. and First Financial
Bancorp .
This report is from Cincinnati Business Courier, a sister publication.
Read it at the Dayton Business Journal
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