Welcome!

News Feed Item

Great Expectations: BMO Harris Bank Study Finds That Business Owners in California Feel Good About Prospects for 2014

IRVINE, CA -- (Marketwired) -- 01/15/14 --


  • 96 percent of business owners feel that their business will either grow or remain at the same level in 2014.
  • Business owners in California are confident in prospects for U.S. economy, and even more optimistic when it comes to state economy in California:
    • 84 percent believe that the U.S. economy will either improve or stay the same this year.
    • 92 percent feel that the state economy in California will either improve or stay the same.

BMO Harris Bank released a study today that found that business owners in California are very positive in their outlook for the national economy, the state economy and their own business prospects in 2014. More than 90 percent see the economy in California either improving or staying the same, and 84 percent feel the same way about the national economy.

"Business owners in California have confidence in the direction of our national economy, and even more confidence in the direction of our state's economy," said Dave Casper, Executive Vice President and Head, Commercial Banking, BMO Harris Bank. "This bodes very well for the future -- economic confidence leads to capital investment, which brings with it job creation and future growth."

California-based respondents were asked specifically if they believe that their business will grow, stay the same, or shrink in 2014.

  • 51 percent predicted their business to grow in 2014.
  • 45 percent expected to stay at the same level.
  • 4 percent believe their business will shrink in 2014.

When respondents in California were asked about the prospects for the state economy:

  • 42 percent expect the state's economy to improve.
  • 50 percent expect it to stay the same.
  • 8 percent expect the state's economy to worsen.

The findings were also positive when business owners in California were asked about their forecast for the U.S. economy:

  • 42 percent of respondents in California feel that U.S. economy will improve in 2014.
  • 42 percent believe it will stay the same.
  • 16 percent believe of respondents in California believe it will worsen.

Respondents were also asked to identify what they felt was the largest advantage to doing business in California compared to elsewhere in the United States. Answers were varied, but the top three were:

  • Technology/Technical Expertise (20 percent)
  • Climate/Weather (9 percent)
  • Good location (8 percent)

National Results from the Survey

When business owners throughout the country were asked about their expectations for the economy, the results were as follows:

  • 37 percent expect the economy to improve.
  • 34 percent expect it to stay the same.
  • 29 percent expect the economy to worsen.

Owners of businesses with revenues over $20 million per year were significantly more optimistic, both in their own prospects and in their outlook for the economy:

  • 68 percent feel their business will grow in 2014, vs. 53 percent of all businesses.
  • 45 percent feel the U.S. economy will improve in 2014, vs. 37 percent for all businesses.

Survey findings can be found at the BMO Harris Commercial Resource Center:
https://resourcecenter.bmoharris.com/tags/bmo-harris-business-outlook-survey/1666

Positive Forecast for 2014 from BMO Economics

A recent report from BMO Economics on U.S. economic prospects for 2014 was considerably upbeat, given a combination of record levels of household wealth, lower debt, lower gas prices and improved prospects for employment.

"The clouds are parting, and therefore we're forecasting GDP growth of 2.9 percent for the coming year," said Michael Gregory, Head of U.S. Economics, BMO Capital Markets. "We foresee increased consumer spending and business investment along with export growth and improved household finances all playing a part in creating strong growth in 2014."

The survey was conducted by Pollara with an online sample of 601 American business owners (including an oversample of 50 California owners) in November, 2013. A probability sample of this size would be accurate to +/- 4%, 19 times out of 20.

About BMO Harris Bank
BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. BMO Harris Bank provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. For more information about BMO Harris Bank, go to the company fact sheet. Deposit and loan products and services provided by BMO Harris Bank N.A. BMO Harris® and BMO Harris Bank® are trade names used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and approximately CDN $537 billion in assets (as of Oct. 31, 2013).

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Providing secure, mobile access to sensitive data sets is a critical element in realizing the full potential of cloud computing. However, large data caches remain inaccessible to edge devices for reasons of security, size, format or limited viewing capabilities. Medical imaging, computer aided design and seismic interpretation are just a few examples of industries facing this challenge. Rather than fighting for incremental gains by pulling these datasets to edge devices, we need to embrace the i...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.