Updated: Aug 4
First-of-Its-Kind Survey of Business and Economic Sentiment Among 50,000 Freedom Economy Businesses
The Freedom Economy is booming. That’s the message of the first-ever Freedom Economy Index – a partnership of RedBalloon and PublicSq. to survey a sample of over 50,000 businesses in the Freedom Economy.
And, the results don’t disappoint.
"This unprecedented Freedom Economy Index represents the voice of the silent majority, who are now speaking loud and clear through their consumer dollars," said Michael Seifert, CEO of PublicSq.
Andrew Crapuchettes, RedBalloon CEO, also said that, "Freedom is reverberating throughout the American economy, and our study demonstrates that Freedom Economy businesses are not only thriving but also defying economic storm clouds."
1. The freedom economy is in growth mode. 50% of businesses are highly or cautiously optimistic about the trajectory of their business, while 31% are pessimistic or worried about their future prospects. Additionally, of those with 10+ employees, 40.6% are hiring to expand their operations, while another 23.2% are hiring to fill vacant positions. Only 4.8% are reducing staff.
2. 78.9% of Freedom Economy business owners say that government regulation and taxes are among their biggest concerns for US economic growth. And 64.9% say that government ESG and DEI mandates are also a top concern.
3. These small businesses also expressed concerns over wage inflation and access to capital. Perhaps that's why 86% of these small business owners deem the Federal Reserve's performance on monetary policy, interest rates, and inflation as either "poor" (31.8%) or "harmful" (54.4%).
4. When it comes to pain-points in hiring, Freedom Economy businesses say that “woke entitlement” and “misaligned values” rank as the top hiring concerns, beating out wage inflation, lack of skills, and overall lack of available people.
The results of the FEI reinforce the dynamic and resilient nature of this segment of the US economy. Combine the fact that over 60% of employers actively looking to hire and close to 50% expressed optimism for the future, while simultaneously a majority expressed concerns about government regulations, taxes, and mandates, it is evident that the Freedom Economy is committed to growth.
To access the full findings of the Freedom Economy Index, you can download the report here.