National Write Your Congressman Index Reveals Business Owners Concerns About U.S. Economic Conditions, Hiring Challenges and Rising Interest Rates

DALLAS, July 25, 2023 /PRNewswire/ -- National Write Your Congressman (NWYC), an organization that gives small businesses a voice in government, released its Q2 2023 Index measuring Congressional and business sentiment. The survey found business owners concerned about hiring qualified workers, keeping up with rising costs of employees' pay and salary, inflation, taxes and regulations. Seventy-five percent of business owners said their business was not growing or has remained flat. There was an overall decrease from last quarter in small business owners' hope, satisfaction with government action, and trust with of Members of Congress.

"Business owners are concerned about U.S. economic conditions with the majority of businesses affected by inflation, rising interest rates and a lack of qualified workforce," said Randy Ford, President and COO of National Write Your Congressman. "While there is some growth, business outlook remains bleak with the challenges of regulations, access to capital, high-interest rates, and running and maintaining a business in these uncertain economic times. Business owners are feeling an unprecedented sense of urgency to connect with their Member of Congress. It's a crucial time to make sure their elected representatives hear their concerns."

Out of the 75 percent of businesses that are declining or remained flat, hindrances to growth are finding qualified workers (56 percent), high inflation on raw materials and equipment (51 percent), uncertainty about the future of the U.S. economy (51 percent), supply chain issues and the ability to access raw materials and equipment (38 percent), and high interest rates (37 percent).

"We've had to raise prices to keep up with rising costs of products," said Laura Engstrom, President, Alternate Design Plumbing, Inc. in Orange City, Florida.

Eighty-eight percent of business owners have been affected by rising interest rates. Seventy-two percent have increased prices of their services or goods, 31 percent have not taken investment opportunities for themselves personally or for their business, and 30 percent have said the cost of borrowing money has negatively affected their business due to high interest rates.

Economic Outlook

Sixty-four percent of small business owners believe the U.S. is currently in a recession. Inflation is affecting 96 percent of businesses, and 82 percent of owners believe inflation problems will not ease for another two to five years.

"The economic outlook for our business is not good. We are concerned with the laws and regulations," said John Nydam, President, Waterford Irrigation Supply in Waterford, California.

Congressional Sentiment

Thirty percent of business owners surveyed said they trust the elected U.S. Congressional Members who represent them, a 30 percent decrease in trust from Q1 2023. Fifty-five percent of business owners said they are confident their U.S. Congressional Members know their opinions on important issues. Thirty-nine percent believe their own elected U.S. Congressional Members act according to their constituents' input.

NWYC provides members with non-partisan information and research along with the tools they can use to connect with their representatives in Washington and advocate for the policies and actions that will help their small businesses be successful for their families, their employees, and their communities. 

Methodology

NWYC collected data using an online survey administered from June 19 through July 10, 2023. A total of 1,016 respondents participated. Respondents represent 48 of the 50 states in the U.S. Sixty-two percent of business owners surveyed employ one to nine employees and 35 percent employ 10-99 employees. 

About National Write Your Congressman

National Write Your Congressman (NWYC) is an organization that gives small businesses a voice in American government. As the nation's largest, privately held, nonpartisan membership organization made up of small businesses, NWYC is dedicated to the delivery of constituent opinions to representatives in Washington. For more than 60 years, NWYC has provided small business owners and operators the tools necessary to connect with members of Congress and a platform to let their collective voice be heard. NWYC's team of experts provides unbiased, nonpartisan information and research on top issues and pending legislation relevant to small business owners today. NWYC presents both sides of the issue so that members can form an educated opinion and let their opinions be heard.

SOURCE National Write Your Congressman