Welcome!

News Feed Item

BMO Harris Bank Study: Arizona Business Owners Feeling Good About Prospects for Their Businesses in 2014

PHOENIX, AZ -- (Marketwired) -- 01/16/14 --


  • 95 percent of business owners feel that their business will either grow or stay at the same level in 2014.
  • Three-quarters (75 percent) believe that the U.S. economy will either improve or stay the same this year.
  • 83 percent feel that the state economy in Arizona will either improve or stay the same.

BMO Harris Bank released a study today that found that business owners in Arizona are similarly optimistic for the prospects for success of their own businesses for the coming year and their outlook of the national U.S. economy in 2014. Ninety-five percent of Arizona business owners feel that their business will either grow or stay at the same level in 2014. Only 25 percent believe that the U.S. economy will worsen this year.

"The good news is that business owners have confidence in the prospects of their own individual businesses. Projects that were put on the shelf five years ago are being pulled off and looked at again," said Tim Bruckner, Managing Director, Commercial Banking, Arizona, BMO Harris Bank. "Progress has certainly been made, but there is still some apprehension about the prospects for the overall U.S. economy."

When business owners in Arizona were asked about their expectations for the national economy, the answers were divided:

  • 42 percent expect the economy to improve.
  • 33 percent expect it to stay the same.
  • 25 percent expect the economy to worsen.

The findings were similar when business owners were asked specifically about the state economy in Arizona:

  • 45 percent of respondents feel that Arizona's economy will improve in 2014.
  • 38 percent believe it will stay the same.
  • 16 percent believe it will worsen.

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

  • Climate/Weather (15 percent)
  • More people/Large workforce (11 percent)
  • Lower Taxes (8 percent)
  • Good Business Climate/Environment (8 percent)

"We have a number of solid companies in Arizona that have weathered the economic downturn," added Mr. Bruckner. "Many businesses are in better shape than they were five years ago, with a stronger balance sheet and more efficient operations."

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: 2014 business outlook.

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 Arizona 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
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, 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. Meanwhile, 94% of enterpri...
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...