Wells Fargo released its Q4/24 Commercial Business Sentiment Report in collaboration with Barlow Research Associates. Following the 2024 presidential election, survey results found that commercial business sentiment had not only improved when compared to Q3/24, but reached the highest sentiment index score, 112.9, recorded in the past four years (up from 102.3 in Q3/24). Between Nov. 15 – Nov. 22, 2024, 307 commercial companies with annual revenues ranging from $10 million to $500 million were surveyed about the state of their businesses, the economy, growth opportunities and areas of concern.
With election outcome uncertainty no longer a factor, companies reported increased optimism about the state of their businesses, demand for their products/services and their expectation for overall economic improvement in both the near and long term: 51% of companies expect an improved U.S. economy in the next 12 months and 63% expect an improved economy in the next five years.
“The highly positive commercial sentiment recorded in Q4 was likely driven by the elimination of election unknowns, which typically delay business decisions and tend to raise concern,” Mary Katherine Dubose, head of specialized industries for Wells Fargo Commercial Banking, said. “The second highest commercial sentiment index score we have recorded was in Q2 of June 2021 (111.7), following the release of the COVID vaccine, another time when businesses saw a clear way forward after a time of uncertainty.”
Key findings in the Q4/24 Commercial Business Sentiment Report include:
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