Business owners appear to be more optimistic about their businesses going into the new year, according to the Bank of America Small Business Owner Fall Report released last month. Half of the respondents – made up of small-business owners across the U.S. – expected local economic improvement, compared to 45 percent a year ago.

That optimism is strongest among millennials, defined in this report as those between the ages of 18 and 34. According to the survey, 82 percent of millennial respondents believe their local economies will grow next year. Only 42 percent of baby boomers and 50 percent of Gen Xers felt the same level of optimism.

“Millennial small-business owners have become a positive, driving force in our economy,” said Robb Hilson, Bank of America Small Business executive in a release about the survey results. “Whether it’s embracing and adapting to new technology, growing their business or confidently contributing to their local economies, they are a growing influence on our country’s economic success.”

MDM launched its annual Industry Outlook survey last week, and while we're still collecting responses, the tone of those we've already received reinforces the results of the Bank of America survey. While the economy in general is still a concern, many respondents appear to be more focused on new business opportunities and talent recruitment and development going forward.

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