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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First Citizens BancShares Inc | NASDAQ:FCNCA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-45.85 | -2.55% | 1,754.50 | 1,181.69 | 1,780.71 | 1,797.24 | 1,740.42 | 1,794.05 | 107,438 | 01:00:00 |
“This year has been challenging and unpredictable for the world, but our report shows that small business owners have not let the challenges of today impact their positive perception about our economic outlook,” said Doug Sprecher, director of sales strategy at First Citizens Bank. “The small business community shoulders a significant amount of responsibility and has continued to showcase its resiliency year-after-year. Our goal is to leverage this data to better equip business owners with the insights and counsel needed to plan for and achieve greater business performance in 2021 and beyond.”
When compared to the near-term economic confidence, small business owners are less confident in the conditions for the next 12 months. Of those surveyed, 57% reported being confident or very confident in the United States’ near-term economic conditions. This is a significant decline from 2019, where 66% of respondents felt confident about the immediate economic outlook.
Businesses with a history of less than 10 years (77%), those with more than 51 employees (86%) and business owners ages 18-34 (89%) are most confident in their ability to grow. This year, small business owners in California showed the steepest decline in near-term economic confidence with 49% (a 24% decrease from 2019) stating they were very or somewhat confident. Conversely, the outlook of their counterparts in Wisconsin (64%) and South Carolina (65%) remained relatively flat in year-over-year response to near-term economic conditions, indicating a steady confidence level about small business owners in these regions.
Even with a decline in confidence over the next 12 months, the survey has found the entrepreneurial spirit of small business owners indicates continued resiliency. Although 67% said their business has been negatively impacted by COVID-19 and 79% feel personally responsible for the financial stability of their employees, small business owners reported having more confidence in their ability to grow their business in 2021 (69%) than they do in the overall economic outlook for the U.S. (57%). Of those planning to grow and expand their business in the next 6-12 months, 44% indicated they will do so by hiring more employees and 26% noted investments in technology.
Other findings include:
The First Citizens Bank Small Business Forecast is conducted annually in California, Wisconsin, Florida, South Carolina and North Carolina to assess the motivations, sentiments and success of U.S. small business owners. For more information or to find the location of a local banker, visit firstcitizens.com/small-business.
About First Citizens BankFounded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank is one of the largest family-controlled banks in the U.S., with offices in 19 states. Drawing from over a century of experience serving the needs of business customers, First Citizens focuses on developing long-term relationships and offers a comprehensive array of products and services to help small businesses manage their finances and grow. First Citizens Bank is a major subsidiary of First Citizens BancShares Inc. (Nasdaq:FCNCA), which has over $48 billion in assets. For more information, call toll free 1.866.FCB 4BIZ (1.866.322.4249) or visit firstcitizens.com/small-business. First Citizens Bank. Forever First®.
Contact:Barbara ThompsonFirst Citizens Bank 919.716.2716
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