TD Survey Finds South Florida Small Business Owners Feel Optimistic about 2023 Despite Ongoing Economic Volatility
Miami, FL, July 18, 2023 — TD Bank, released today survey findings stating that, despite continued uncertainty about the economy and fluctuating market, 83% of South Florida’s small business owners are still very optimistic about meeting or exceeding their business goals in 2023.
This optimism stems from 2022, when almost all (91%) small businesses in the Miami-Fort Lauderdale metro area met or exceeded their revenue goals. This is less surprising when viewed with the full state economic picture: TD Economics, the research arm of TD, reported that Florida’s economy outperformed the nation from 2019 to 2022, with activity up 11% – more than double the 5% increase recorded nationally.
Business Owners Plan Growth in 2023
Along with their positive outlook, many small business owners plan to expand in 2023, with three-quarters (75%) of business owners anticipating that their revenue/sales and/or number of employees will increase by February 2024.
When asked to rank their top three priorities for the year, business owners stated that they’re prioritizing attracting new customers, expanding products/services, and hiring and retaining great employees. Despite this, just 39% of respondents stated they will grow staff size in 2023, lower than other metro areas surveyed (New York City, Philadelphia and Washington, D.C.). This is in line with TD Economics’ expectation that labor growth will slow and fall in line with national levels into the next quarter.
“Business owners in South Florida benefited from the state’s rapid economic recovery in 2021 and 2022, putting them in a solid position for 2023,” said Pablo Pino, Commercial Market President of South Florida, TD Bank. “While it’s expected that this growth will level off, it is great to see that local small business owners anticipate having another solid year of performance.”