It's been at least seven years since America's midsized companies have been this ecstatic about the economy's prospects.
A whopping 80% of middle-market businesses said they were optimistic, the most since JPMorgan Chase & Co. began its Business Leaders Outlook survey. That's up from 39% last year and reflects a sea change in sentiment that's swept through the ranks of corporate America since the November election.
More than three-quarters of executives say they expect the policies of President Donald Trump and a Republican-led Congress to have a positive impact on their business. The reason: An agenda that's pro-business and includes tax reform and less regulation, the report on Tuesday showed.
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"U.S. companies are gaining confidence, and they anticipate new economic support from Washington in the coming year," Jim Glassman, senior economist at JPMorgan Chase, said in a statement. "Even some of their top business challenges — managing labor costs and trying to tap a limited supply of talent — are more growing pains than survival tactics."
The JPMorgan Chase online survey of more than 1,400 middle-market executives in the U.S. — defined as having company revenue ranging from $20 million to $500 million — was conducted from Jan. 3 to Jan. 20, the day Trump took office. The margin of error is plus or minus 2.5%.
A separate survey of small businesses also showed increased optimism, though the gains weren't as dramatic: 62% were bullish on the economy, up from 43% last year.
The middle-market survey also contained favorable news for American workers as 71% of leaders said they plan to increase compensation this year, and 57% plan to add more full-time employees.
Some 67 percent of middle-market executives said the Trump administration's immediate focus should be on reducing regulations, which raise the cost of doing business, while 56% said lowering taxes should be the priority.
Not all leaders see Washington policy benefiting their business. Twelve percent expect a negative impact, chiefly because of the risk of a trade war as Trump pursues ways to fix what he calls broken agreements.
Bloomberg News
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