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Division of Small Business

Survey: Rising labor costs top concern among business owners


Business owners optimistic about the future.

Business owners ranked rising labor costs, including wages and health care, as their top concern, according to M&T Bank’s survey of their business banking clients.

Forty-seven percent said it was their biggest challenge.

Still, almost three-quarters said they plan to increase wages in the next year, including 17 percent who plan to raise wages by more than 3 percent.

Here are some other takeaways from the report:

  • 40 percent said they plan to spend more on capital expenditures in the next six months
  • 45 percent said they plan to keep employee hours at the current level
  • 51 percent said they expect conditions in their industry to improve in the next six months

Click here to read the full report.

If you want help in taking your Delaware small business to the next level, contact the Delaware Division of Small Business.

 



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