Capital One survey: Texas consumer and business attitudes about ...

Attitudes about Texas? economic and employment climate improved in the third quarter, but business and personal finances remain fragile, according to a survey released today by Capital One Bank.

The quarterly Market Pulse survey found that 52 percent of Texas large businesses and 35 percent of small businesses reported that economic conditions are improving for their companies. Those results marked a 12-point drop for small businesses and a five-point decline for large businesses from second quarter.

?While we?ve seen a slight decline in business confidence and more businesses reporting drops in their financial performance, there is still an overall sense of strength and stability in the state?s economy,? said Kent Eastman, Texas State president for Capital One. ?Business plans for spending on investments remain on track, and we saw an increase in the number of businesses that are looking to hire right now and have plans to hire over the next six months. This is an encouraging sign.?

More than one-third of large and small companies plan to hire in the next six months, up from the second quarter.

That?s also reflected in Texas consumers, who are more optimistic about the job market than they?ve been in two years, the report found. Twenty percent said jobs are ?easy to find.?

Small businesses appear to be having a harder time than large businesses.

While the 36 percent of Texas small businesses planning to hire in the next six months is higher than the national average of 27 percent, the financial position of small firms is slightly worse than the national average and worse than larger companies.

Twenty-seven percent of small firms across Texas said their financial position was worse than last year, a 17-point increase from second quarter. That compares with 53 percent of large businesses that reported a better financial performance than last year. Small businesses said their biggest challenges are cash flow, price margins, customer payments and increased competition.

Texas consumer confidence in personal finances and business conditions rose from last year.

While 49 percent of Texas consumers say local business conditions are excellent or good, only 12 percent say that the local economy is excellent.

Just over one-third of consumers said that their personal financial position is better than a year ago, which dropped slightly from the second quarter. But 16 percent say their financial position is ?much better,? which is significantly higher than previous quarter.

Capital One surveyed by telephone 402 adults and 300 business owners or managers in Texas in September and early October.

Source: http://bizbeatblog.dallasnews.com/2012/11/capital-one-survey-texas-consumer-and-business-attitudes-about-the-economy-and-employment-improved-in-3q-but-personal-and-small-business-finances-remain-fragile.html/

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