California’s economy may be recovering slowly. But you wouldn’t know it from small business owners.
Small Business California, a nonprofit organization, spoke to nearly 1,200 executives across the state and found that only 20 percent of them feel the state is headed toward prosperity.
Almost two-thirds said we’re going in the wrong direction.
And many businesses are have been putting their pessimism into practice.
Only 14 percent hired new workers in the past year, and less than a third plan to take on new employees over the next six months.
Two thirds said they didn't take out any new loans in 2011 for the purpose of expanding their business.
But it’s not all gloom and doom: 41 percent do think the business climate will get better over the next few years.
And nearly 4 out of 5 said they believed their business would still be around in three years.