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Tri-State SME's More Optimistic for 2011, Study Finds

Published on Feb 1, 2011

Summary

Read 'Tri-State SME's More Optimistic for 2011, Study Finds' at 'Time to Start Up,' the small business blog by BizFilings.
Businesses in the tri-state region of New York, New Jersey and Connecticut are anticipating greater hiring and performance figures in 2011, according to a survey released this week by web-based human resources service Checkpoint HR. Small and mid-sized business employment grew by 4 percent over the course of 2010, while December alone noted a 1 percent growth in job creation. "While employment did not rebound as quickly as everyone had hoped for in 2010, hiring did out pace employee terminations which is a good sign for the economy," said Neil Friedman, CFO of CheckPoint HR. "According to our survey results, employers in the tri-state area are much more optimistic on employment and business growth for 2011." The study - which polled more than 400 of CheckPoint's customers - also found that 50 percent of respondents believe conditions were better in 2010 than they were the previous year. Additionally, 49 percent plan to maintain staff levels in 2011, while 39 percent plan to hire and 64 percent plan to increase salaries. The study was released the same week as the Thomson Reuters/PayNet Small Business Lending Index, which found borrowing among small businesses nationwide grew by 20 percent in December from the same month one year ago. This marks the biggest monthly gain since March 2006.