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Small Business Spotlight: Justin’s Canine Campus to expand in 2021
CLAY — Justin’s Canine Campus opened in 2014 as the self-funded project of owners Justin Bonn and Carrie Lindley. While the pet industry has been experiencing explosive growth, Justin and Carrie are specializing their services to meet all their clients’ needs. Ten businesses in their marketing area may offer similar services, but they are one […]
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CLAY — Justin’s Canine Campus opened in 2014 as the self-funded project of owners Justin Bonn and Carrie Lindley. While the pet industry has been experiencing explosive growth, Justin and Carrie are specializing their services to meet all their clients’ needs. Ten businesses in their marketing area may offer similar services, but they are one of only two that provide daycare, training, and grooming services.
Justin and Carrie knew they had what it would take to start and operate a successful business in the pet industry because they had extensive firsthand experience and knowledge. Bonn spent 23 years working with dogs in various environments. He has managed dog-daycare centers across the country, specialized in behavior evaluations for animal shelters and rescue groups, and has provided animal advocacy and rescue for animal control. Lindley is a practicing medical social worker at St. Joseph’s Hospital Health Center in Syracuse, where she has worked for the last 21 years. She has a background in business management and her canine experience includes obedience training, canine fostering, and breeding.
With all their combined skills, it was no surprise that in the first six months of their business the pair averaged servicing a whopping 25 dogs per day. By the end of their first year, they were up to an average of 40 dogs a day, with continued monthly growth after that. During their second year of operation, Bonn and Lindley expanded their services by hiring a full-time, experienced groomer. Their business was debt free after just one and a half years of operation. After only three years, they had reached maximum capacity and had to start a wait list for new clients.

Justin’s Canine Campus, located at 8075 Oswego Road in the town of Clay, has won multiple local awards including an SBA 2020 Small Business Excellence Award, 2018 Syracuse New Times Best of Syracuse award (for “best pet daycare” and “best animal whisperer”), and the 2018 Best of Liverpool Award in the category of “pet sitting & exercising services.” After so much achievement and growth in the past six years, the business owners knew that it was the time to expand.
Expansion
Justin and Carrie were referred to me at the Onondaga Small Business Development Center (SBDC), located at Onondaga Community College (OCC), by their real-estate broker.
Lindley had this to say about her experience working with the SBDC: “Keyona was incredible to work with and helped us with everything. She helped us develop our business plan, understand the numbers, and prepare for our presentation to board members for the loan.”
Everything was going well — Bonn and Lindley were approved for their loan and waiting on the town for zoning changes when COVID-19 hit suddenly in March. So, like so many other business owners, they had to put their plans for expansion on hold and pivot to meet the changes in their industry. Carrie explained, “We began training a new employee now — rather than waiting until we expanded — as a second groomer, which has increased our grooming appointments and profit. We implemented a new option for training clients that allows them to book phone-consultation appointments for a set fee. We have implemented several safety measures to protect our team and clients. Masks are required for all in the building, we limited the number of clients allowed in the lobby, provided hand sanitizer throughout the building, put a thermometer on site for employee use, and posted COVID safety guidelines for employees and clients.”
Justin and Carrie are now in the process of moving forward with their expansion and they are planning to stay within the Liverpool area to remain available for their current customer base. The target date for opening in their new location is the fall of 2021.

“By expanding, we will be able to eliminate the wait list for daycare, reduce the wait time for grooming appointments (we are currently booked six to eight weeks out and would like to reduce this to less than four weeks), increase our group obedience class size to accommodate more people, offer daytime private lesson appointments (which will reduce the wait times for these appointments, as well), and offer a new individualized training program during daycare,” Lindley explains. “The expansion will create job growth as we anticipate needing another groomer — we are currently training an employee to fill this role — and the need for 2-3 more daycare employees.”
Bonn and Lindley created a great small business with a loyal customer base by exemplifying one of the cardinal rules of building a successful business: know your industry. As challenges created by COVID-19 drag on, the owners of Justin’s Canine Campus will remain dedicated to their customers, their staff, and excellence in their industry.
Advisor’s tip: When contemplating expansion, make sure it is sustainable based on long-term financial indicators of growth and not just an industry influx or busy season that will fade quickly.
Keyona Kelly is a certified business advisor at the SBDC, located at OCC. Contact her at k.r.kelly@sunyocc.edu

Chemung Financial to pay quarterly dividend of 26 cents in early January
ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) recently announced that its board of directors has approved a quarterly cash dividend of 26 cents a share for the fourth quarter. The dividend is payable on Jan. 4, to common stock shareholders of record as of the close of business on Dec. 21 At the banking company’s
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ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) recently announced that its board of directors has approved a quarterly cash dividend of 26 cents a share for the fourth quarter.
The dividend is payable on Jan. 4, to common stock shareholders of record as of the close of business on Dec. 21
At the banking company’s current stock price, the dividend yields just over 3 percent annually.
Elmira–based Chemung Financial is a $2.2 billion financial services holding company that operates 32 branches through its main subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers.
Established in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state. Chemung Financial is also the parent of CFS Group, Inc., a financial-services subsidiary offering mutual funds, annuities, brokerage services, tax-preparation services, and insurance, as well as Chemung Risk Management, Inc., an insurance company based in Nevada.

New York closed home sales rise nearly 17% in October
Pending sales jump almost 39 percent ALBANY — The New York state residential real-estate market roared in October as realtors sold 14,981 previously-owned homes in in the month, up 16.6 percent from more 12,853 homes sold in the year-ago month. Future closed home sales are poised to rise even more as pending sales jumped nearly
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Pending sales jump almost 39 percent
ALBANY — The New York state residential real-estate market roared in October as realtors sold 14,981 previously-owned homes in in the month, up 16.6 percent from more 12,853 homes sold in the year-ago month.
Future closed home sales are poised to rise even more as pending sales jumped nearly 39 percent in October. That’s according to the New York State Association of Realtors (NYSAR)’s October housing-market report issued Nov. 19.
“As the weather gets colder, the New York housing market continues to heat up. Sales remained at higher than normal levels amid continued low inventory across the Empire State,” NYSAR said in its housing-market report.
Sales data
Pending sales totaled 16,333 homes in October, up 38.8 percent from 11,766 pending sales in the same month in 2019, according to the NYSAR data.
With housing sales rising amid limited inventory, the prices of homes jumped. The October 2020 statewide median sales price was $340,000, up 24.5 percent from $273,000 in October 2019.
The months’ supply of homes for sale at the end of October stood at 4.3 months, down more than 23 percent from 5.6 months a year earlier, per the report. A 6 month to 6.5 month supply is considered to be a balanced market.
The number of homes for sale in the Empire State totaled 51,351 in October, a decrease of 20.9 percent from 64,930 homes in the year-prior period.
Central New York data
Realtors in Onondaga County sold 560 previously owned homes in October, up 5 percent from 532 in the same month in 2019. The median sales price rose about 12 percent to $175,000 from more than $155,000 a year ago, according to the NYSAR report.
NYSAR also reports that realtors sold 203 homes in Oneida County in October, down about 8 percent from the 220 sold during October 2019. The median sales price increased about 9 percent to $161,000 from $148,000 a year prior.
Realtors in Broome County sold 197 existing homes in October, up about 19 percent from 166 a year ago, according to the NYSAR report. The median sales price rose about 29 percent to nearly $145,000 from $112,000 a year before.
In Jefferson County, realtors closed on 157 homes in October, up about 31 percent from 120 a year ago, and the median sales price of more than $203,000 was up about 11 percent from more than $182,000 a year earlier, according to the NYSAR data.
All home-sales data is compiled from multiple-listing services in New York state and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.
CEO Focus: Celebrating Nearly 300 Economic Champions During an Unprecedented Year
While 2020 has been an unprecedented, challenging year for businesses in Central New York, we feel it is important to recognize the bright spots — big and small — that have emerged in the midst of it all. The tenacity and resilient spirit of our members is essential to our emergence from this crisis. [On.
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While 2020 has been an unprecedented, challenging year for businesses in Central New York, we feel it is important to recognize the bright spots — big and small — that have emerged in the midst of it all. The tenacity and resilient spirit of our members is essential to our emergence from this crisis.
[On. Nov. 19], CenterState CEO’s virtual Economic Champions celebration, presented by Fust Charles Chambers LLP, recognized 295 companies for their collective accomplishments this year. That includes the hiring of more than 2,400 employees, 5.6 million square feet of expansions, and $752 million in capital investments. At a time of tremendous economic pressure, we recognized 88 businesses for opening new storefronts, offices, and facilities, and we highlighted 40 companies for celebrating a milestone anniversary. See the full list of businesses recognized at: https://www.centerstateceo.com/news-events/centerstate-ceo-celebrates-2020-economic-champions.
We were also proud to present CenterState CEO’s Community Visionary Award, sponsored by Wegmans, to the Allyn Family Foundation for embodying a vision of economic opportunity and having a positive impact on community prosperity. We recognized the foundation for its work in catalyzing initiatives such as Blueprint 15, the Early Childhood Alliance, Work Train, and most notably this year, advancing construction of the $25 million Salt City Market. The project will create new opportunities for diverse entrepreneurs and provides them with physical space to launch their businesses.
These accomplishments highlight the dedication and perseverance of the business community during even the most challenging of times. To all of this year’s Economic Champions, thank you for the work you do to advance not only your business, but also the entire regional economy. It is a genuine privilege to be able to support and learn from hundreds of community leaders, partners, and businesses that are working together to build back stronger.
Robert M. (Rob) Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This viewpoint is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on Nov. 20.

Survey: Half of New Yorkers plan to spend less than $500 on holiday gifts
Nearly half of respondents (49 percent) plan to spend under $500 in gifts during this holiday season, a figure that is “virtually unchanged from last year.” At the same time, nearly one-third (32 percent), expect to spend $1,000 or more on holiday gifts, which is up from 21 percent a year ago. That’s according to a
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Nearly half of respondents (49 percent) plan to spend under $500 in gifts during this holiday season, a figure that is “virtually unchanged from last year.”
At the same time, nearly one-third (32 percent), expect to spend $1,000 or more on holiday gifts, which is up from 21 percent a year ago.
That’s according to a new statewide survey of consumers that the Siena College Research Institute (SRI) released on Nov. 18.
The survey also found that only 10 percent of holiday shoppers plan to increase their spending this year while 38 percent are going to spend less and 48 percent plan to spend as much as they did last year.
The findings indicate that 38 percent will conduct at least three-quarters of their holiday spending online this year, double last year’s 19 percent, amid the pandemic.
“While most New Yorkers are planning to either spend less or hold the line on spending, one in 10 are ready for a holiday spending spree as one-third are ready to spend $1,000 or more, a figure we haven’t seen since 2007,” Don Levy, SRI director, said in the survey report. “Only 23 percent plan to shop locally on Black Friday or Small Business Saturday but nearly half will be shopping online on Cyber Monday this year. We’ve seen online spending grow dramatically since 2008 but today with 19 percent doing at least half of their shopping online and another 38 percent doing 75 percent or more, we’ve hit a new all-time high,” Levy said.
That holiday feeling
The Siena survey found that 59 percent of New Yorkers are somewhat or very excited about the upcoming holiday season, down from 71 percent a year ago.
And 16 percent say that they are more excited than last year, but 41 percent are less excited. The findings also indicate that 68 percent say that the holidays will be different but that they “cannot be ruined by the virus as the spirit of the season will triumph over the pandemic.”
“Over a quarter of New Yorkers are coming into the holiday season saying that no matter how hard they try, the pandemic will take the joy out of the holidays,” Levy said. “But over two-thirds just won’t let the virus be the Grinch that steals the season this year.”
Only 14 percent will attend holiday parties during the rest of the holiday season while 19 percent plan to host holiday gatherings this year. The survey found that 64 percent of respondents say that they are comfortable attending a small holiday party in a home that includes no more than 10 people, but only 10 percent are comfortable attending a party at a friend’s home where over the course of the evening more than 50 people drop in.
Half of New Yorkers say that they are comfortable going to an outdoor event at which people celebrate the holidays. Only 16 percent would be comfortable going to a work party with more than 25 people and 26 percent would attend a gathering at a restaurant at which everyone is seated for the entire event.
“For so many New Yorkers, 2020 has been a difficult year. Today, unfortunately 54 percent think that the worst of the coronavirus pandemic is still to come. But two-thirds have vowed to not let COVID-19 ruin the holidays. Still, looking to the future, 85 percent of state residents are hopeful that 2021 will be a better year than 2020 has been,” Levy said.
The SRI survey of holiday spending plans was conducted Nov. 4-10, by random telephone calls to 803 New York adults via landline and cell phones. SRI reports this data at a 95 percent confidence level with a margin of error of plus or minus 4.4 points including the design effects resulting from weighting.

Five Star Bank parent announces stock-buyback program
WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent of Five Star Bank, recently announced that its board of directors has approved a stock-repurchase program for up to nearly 802,000 shares of its common stock, or about 5 percent of the company’s outstanding common shares. The buyback program permits shares to be repurchased in open-market
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WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent of Five Star Bank, recently announced that its board of directors has approved a stock-repurchase program for up to nearly 802,000 shares of its common stock, or about 5 percent of the company’s outstanding common shares.
The buyback program permits shares to be repurchased in open-market transactions and pursuant to any trading plan that may be adopted in accordance with federal regulations, Financial Institutions said in a release.
The banking company said the timing and number of shares it will buy back will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate-liquidity requirements and priorities.
Five Star Bank, based in Warsaw in Wyoming County, has about 50 branches throughout Western and Central New York. Its CNY branches include offices in Auburn, Seneca Falls, Geneva, Ovid, Horseheads, and Elmira.
Financial Institutions and its subsidiaries employ about 630 people. The banking company generated $23.4 million in net income in the first nine months of this year, down from nearly $34.7 million a year ago.
No Nonsense Marketing: Nine Habits that Cause Us Unnecessary Trouble
Most of us are talented at excusing personal habits as trivial idiosyncrasies or minor infractions. Yet, they can come together to form a clear picture of who we are in the eyes of others. Below are nine habits, among many others, that we can easily overlook or ignore. However, if we do, they can cause us
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Most of us are talented at excusing personal habits as trivial idiosyncrasies or minor infractions. Yet, they can come together to form a clear picture of who we are in the eyes of others.
Below are nine habits, among many others, that we can easily overlook or ignore. However, if we do, they can cause us unnecessary trouble — both personally and professionally.
1. Winging it
What is it? It’s assuming we’re so smart or experienced that we don’t need to prepare for a presentation. It starts out innocently. We run out of time and decide to “wing it.” Before long, it’s a habit. By then, we’ve convinced ourselves that we’re getting by with it. Don’t kid yourself. Everyone — customers, prospects, co-workers, and the boss — knows what you’re doing.
2. Thinking we’re indispensable
“Which of us can resist the temptation of being thought indispensable,” wrote Margaret Atwood. When leaving to take a new job, some want to think they’re leaving a hole that can’t be filled. But, as Dene Ward notes in Medium’s “The Ascent,” “The reality is that every organization can survive a departure, unless you are a sole proprietor!” It’s much better to leave a legacy of quality performance and train a capable replacement.
3. Missing deadlines
No matter the task, assignment, or how much pressure is put on some people, they’re still late, even though they may be bright, capable workers. Missing deadlines can be a form of job protest, like slowing down a production line. A better way is to establish credibility by being on time and then speaking up. Others are more likely to listen.
4. Saying yes but having no intention of doing it
It’s a good way to get off the hook for the moment but it comes back to bite us. In the workplace, it’s called task avoidance. Yet, it doesn’t solve a problem; it only delays facing it — creating doubt and undermining personal trust. Even though it may be stressful, many people repeat it throughout their work lives.
5. Not taking time to communicate effectively
A Fast Company article states, “Communication was the most commonly required skill in job opportunities posted to the platform in July and August” 2020. This is no surprise, since tens of millions are working remotely, due to the pandemic. In spite of the available technology — virtual meetings, texting, email, and, of course, the phone — we have become “silos of one.” The article points out that four of the top 20 most popular LinkedIn Learning courses “deal directly with communication skills training, and three address a related skill, such as ‘Remote Learning Foundations’ and ‘Learning Personal Branding.’ ”
6. Not being aware of what’s going on around us
“When they were fired, 68 percent of participants noted they were surprised — they had not seen it coming,” according to a Forbes article. How does it happen? We all see what we want to see and filter out anything that doesn’t fit the picture of ourselves. An employer tells the story of a 20-year key worker who cried when told the company was closing, even though the information she worked with every day contained obvious clues. She couldn’t see them. This is why questioning our thoughts and ideas helps improve awareness.
7. Not having a plan
With so many ways to vote in the recent election, urging everyone to vote wasn’t enough, particularly during the pandemic. To make sure our vote would be counted, we were urged to have a plan. That was good advice. As a famous author reminds us, “A goal without a plan is just a wish.” And we all know what that means.
8. Ignoring details
With student debt weighing down the future of millions of Gen-Zs and Millennials, many claim they didn’t understand what they were getting into. Some say they signed contracts without reading them or having a trusted person review them. Now their lives are on hold. If we assume everyone is honest, we can find ourselves in trouble. We believe it when told, “Don’t worry about it. It’s all standard boilerplate. Just sign here.” As they say, “The devil is in the details.”
9. Leaving it until the last minute
Some claim procrastinating makes them more creative. They may be on to something since the subconscious mind has more time to do its work. Perhaps, but it’s also true that quality output doesn’t occur with the first pass or initial draft. It requires extra time — for review, additional thought, reworking, and polishing. If that isn’t enough, last minute leaves no room for something going wrong. This is also when we hear the excuse, “I didn’t have enough time.”
There is a long list of other habits that can cause unnecessary trouble. If you take the time to make up your own personal list, you may avoid bothersome problems and move forward faster.
John Graham of GrahamComm is a marketing and sales strategy consultant and business writer. He is the creator of “Magnet Marketing,” and publishes a free monthly eBulletin, “No Nonsense Marketing & Sales Ideas.” Contact him at jgraham@grahamcomm.com, (617) 774-9759, or johnrgraham.com

New technology deployed at Syracuse airport TSA checkpoint
SYRACUSE — New technology at the Transportation Security Administration (TSA) checkpoint at Syracuse Hancock International Airport can confirm the validity of a traveler’s identification (ID) and his/her flight information in “near real time.” “The technology we’ve now installed at the Syracuse International Airport checkpoint enhances detection capabilities for identifying fraudulent ID such as driver’s licenses
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SYRACUSE — New technology at the Transportation Security Administration (TSA) checkpoint at Syracuse Hancock International Airport can confirm the validity of a traveler’s identification (ID) and his/her flight information in “near real time.”
“The technology we’ve now installed at the Syracuse International Airport checkpoint enhances detection capabilities for identifying fraudulent ID such as driver’s licenses and passports at checkpoints and increases efficiency by automatically verifying passenger identification,” Bart Johnson, TSA’s federal security director for upstate New York, said in a release. “The system also has the added capability of confirming the passenger’s flight status in near real time through a secured connection.”
Passengers should approach the travel-document checking station at the checkpoint and insert their ID directly into the scanner for authentication, “which reduces a touchpoint.” Passengers will not have to hand over their boarding pass (electronic or paper), “thus reducing another touchpoint,” TSA said.
The credential-authentication technology (CAT) unit will verify that the traveler is prescreened to travel out of the airport for a flight that day; however, a boarding pass may be requested for travelers under the age of 18 and/or those with ID issues.
Even with TSA’s use of CAT, travelers still need to check-in with their airline in advance and bring their boarding pass to their gate agent to show the airline representative before boarding their flight.
This technology will enhance detection capabilities for identifying fraudulent documents at the security checkpoint, TSA said.
CAT units authenticate several thousand types of IDs including passports, military common-access cards, retired military ID cards, U.S. Department of Homeland Security Trusted Traveler ID cards, uniformed services ID cards, permanent-resident cards, U.S. visas, and driver’s licenses and photo IDs issued by state motor-vehicle departments.
A CAT unit consists of the passport reader, an ID card reader, a federal personal identity-verification ID card reader, a monitor, a stand, and an ultraviolet light, TSA said.
REAL ID licenses
TSA also notes that “it is critical” that travelers have their REAL ID-compliant driver’s licenses or other acceptable form of identification by the Oct. 1, 2021, deadline. The CAT units will not accept a driver’s license after Oct. 1, 2021, if it is not REAL ID-compliant, TSA said.
Signed into law in 2005, the REAL ID Act enacted the 9/11 Commission’s recommendation that the federal government “set standards for the issuance of sources of identification, such as driver’s licenses.”
That law and subsequent implementing regulations establish “minimum security standards” for state-issued driver’s licenses and identification cards. It also prohibits federal agencies, like TSA, from accepting driver’s licenses and identification cards from states that do not meet these standards for official purposes, such as getting through the airport security checkpoint to board a plane.

New York manufacturing index slips 4 points in November
Reading still indicates slight sector expansion The Empire State Manufacturing Survey general business-conditions index fell 4.2 points to 6.3 in November, “pointing to a slower pace of growth than in October.” This followed a 6.5-point decline in the index in October, which came after a more than 13-point jump in September. The November reading —
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Reading still indicates slight sector expansion
The Empire State Manufacturing Survey general business-conditions index fell 4.2 points to 6.3 in November, “pointing to a slower pace of growth than in October.”
This followed a 6.5-point decline in the index in October, which came after a more than 13-point jump in September.
The November reading — based on firms responding to the survey — indicates business activity “expanded … though only slightly” in New York, the Federal Reserve Bank of New York said in its Nov. 16 report.
A positive reading indicates expansion or growth in manufacturing activity, while a negative index number points to a decline in the sector.
The survey found 31 percent of respondents reported that conditions had improved over the month, while 24 percent said that activity had worsened, the New York Fed said.
Economists had anticipated a November index reading of 13.5, according to MarketWatch, citing a survey by Econoday.
Survey details
The new-orders index fell 9 points to 3.7, indicating a “slight increase” in orders, and the shipments index fell 12 points to 6.3, the New York Fed said.
Delivery times were little changed, while unfilled orders and inventories “continued to decline.”
The index for number of employees rose 2 points to 9.4, its highest level in nearly a year, indicating a “modest increase” in employment levels. After rising sharply in October, the average-workweek index fell 11 points to 4.8, its positive value signaling a small increase in hours worked.
The prices-paid index was little changed at 29.1, a sign that input prices rose at the same pace as the prior month. The prices-received index moved up 6 points to 11.3, indicating a “pickup” in selling price increases, per the New York Fed.
The index for future business conditions held steady at 33.9, suggesting that firms remained optimistic about future conditions.
The index for future new orders was positive but slightly lower than in October. Employment levels and the average workweek are expected to continue to increase in the months ahead.
Indexes for future prices paid and prices received both picked up for a second consecutive month.
The capital-expenditures and technology-spending indexes both climbed to 17.9, suggesting “ongoing planned increases” in spending on capital and technology.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.

NFIB survey finds small manufacturers recovering from COVID-19 impact
Small manufacturers are gradually getting more optimistic as they recover from COVID-19-related business disruptions. That’s just one of the findings in the NFIB Research Center’s latest quarterly Small Business Economic Trends industry-specific survey. The report highlights the construction, manufacturing, retail, and services industries. NFIB released previous reports in August and May 2020. “This year has been
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Small manufacturers are gradually getting more optimistic as they recover from COVID-19-related business disruptions.
That’s just one of the findings in the NFIB Research Center’s latest quarterly Small Business Economic Trends industry-specific survey.
The report highlights the construction, manufacturing, retail, and services industries. NFIB released previous reports in August and May 2020.
“This year has been challenging for small business owners as they manage their businesses in a time when the COVID-19 pandemic has led to a steady stream of state and local regulations,” Holly Wade, NFIB executive director of research, said in a release. “Each industry has been impacted differently from COVID-19. This survey highlights that industries, such as manufacturing, are recovering faster than other industries, including the services sector.”
The key findings on the manufacturing sector include the following:
• The Optimism Index in October was 103.1 in manufacturing, a 2.7 point increase from July, but slightly below the overall index of 104;
• The manufacturing industry is still recovering from supply-chain disruptions and business closures due to COVID-19;
• Earnings trends this quarter were “very strong” in manufacturing as a net- negative 4 percent of firms reported higher earnings over the last quarter, up 42 points from July’s quarterly report;
• Business owners in manufacturing are less optimistic about sales expectations in the fourth quarter;
• Only a net 8 percent of manufacturing firms expect higher sales, down 9 points from July and about the overall average;
• Manufacturing companies reported a decrease in future employment plans in October. A net 13 percent reported plans to increase their number of employees, down 13 points from July and 5 points below the overall average.
Construction firms have the highest measure of small-business optimism among the industries, the NFIB Research Center reports. The construction industry Optimism Index in October was 107, up 6.5 points from July’s quarterly report, and 3 points higher than the overall index of all firms. Demand for new construction continues to be driven by record-low interest rates and a shortage of inventory in the real estate market.
The full survey is available at https://assets.nfib.com/nfibcom/Industry-SBET-October-2020-FINAL.pdf
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