According to a new survey, executives and small business owners in San Francisco are more confident in the future of the region’s economy than they have been in the last five years.
The new report by the Bay Area Council says that the region’s quarterly business confidence index has reached 62 out of 100 – a mark last reach in July 2005 and double the all time low the index registered less than 18 months ago. It’s also the third positive reading in a row.
“Slowly but surely, we’re seeing the Bay Area economy pull itself out of the recession and heading towards more job growth,” Jim Wunderman, president and CEO of the Bay Area Council, told the San Jose Business Journal.
The survey also showed an expected hiring increase from smaller business types. Thirty-two percent of small business owners said they planned to hire new workers in the next six months, a 7 percent rise from the previous quarter.
According to the San Francisco Chronicle, business owners in the area are also seeing an increase in tourism – a key part of the area’s economy – and anticipate a much stronger summer than they experienced in 2009.