First Citizens Bank Forecast Shows Business Growth Confidence Back to Pre-Pandemic Levels - Seite 2

As it relates to long-term economic recovery, two-thirds of respondents stated they are optimistic or very optimistic about the economic conditions in the next two to three years. Once again, California showed the strongest gains in the long-term economic outlook with 74% (up 17% from September 2020) expressing optimism in the years ahead. Florida saw the sharpest decline in long-term economic optimism with just 54% (down 17% from September 2020) stating they were optimistic or very optimistic about the economy in that timeframe.

Other Key Findings

• Of factors impacting business owners’ abilities to meet their goals in 2021, 35% said the new presidential administration was a top concern. Other factors included unpredictable market conditions (32%) and the impact of climate change (21%).
• Overall, business owners’ perceptions of being successful or very successful in the last six months declined from 71% in September 2020 to 61% in 2021. Florida (28%), Wisconsin (23%) and California (21%) showed the sharpest decline in perceived business performance with a difference of 28%, 23% and 21%, respectively.
• With 40% of business owners indicating they plan to secure funding in the next year, banks continue to lead the funding considerations at 49%. Business credit cards (40%) is a close second for funding considerations.
• Top growth strategies for the year ahead include adding new products/services (47%), increasing advertising or marketing budgets (43%), hiring more employees (40%), and increasing or upgrading current facilities/equipment (26%).
• Local loyalty continues to drive positive sentiment with 72% of all respondents in all five markets agreeing that the state where their business is located is a great place to start a small business. By state, the percentage of respondents agreeing their state is a great place to start a business is: California (62%), Wisconsin (74%), North Carolina (75%), South Carolina (76%) and Florida (77%)
  

The First Citizens Bank Small Business Forecast is conducted annually in California, Florida, Wisconsin, South Carolina and North Carolina to assess the motivations, sentiments and success of small business owners in the United States. For more information on the survey and its results, visit firstcitizens.com/smallbizsurvey.

About First Citizens Bank
Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank is one of the largest family-controlled banks in the United States, 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 $53 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 Thompson
	First Citizens Bank
	919-716-2716