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Detroit Regional Chamber > Small Business > December 2024 Small Business Outlook: Confidence Continues to Rise

December 2024 Small Business Outlook: Confidence Continues to Rise

December 9, 2024

december 2024 small business data outlook (1)

55% of small businesses hired or tried to hire in November (2 points higher than October).

December 2024 Small Business Outlook

Summary: Small employers expect to pay more for talent and are still bullish on hiring.

  • 36% of small businesses reported job openings they could not fill in November (1 point higher than October).
  • Of those hiring, 87% of those small businesses hiring reported few or no qualified job applicants (no change).
  • 18% of small business owners are planning to create new jobs in the next 3-months (3 points higher than October).
  • 32% of small businesses raised wages in November (up 1 point from October) and 28% plan on raising compensation in the next 3 months (up 5 points from October).
  • 30% of small businesses have openings for skilled workers (1 point lower than October) and 13% have openings for unskilled labor (1 point lower than October).
  • 54% of small businesses in construction have a job opening they can’t fill (6 points higher than October).

Learn more about this data from National Federation of Independent Business (NFIB) Jobs Report, published on Dec. 5, 2024. 

small business june outlook

The top reason entrepreneurs cite for starting their business is income (50%), followed by their desire to control their schedule (35%).

Summary: Entrepreneurship continues to attract new small business owners.

  • 19% of Americans benefit from small business income and 26% of those small business owners created their business in 2024.
  • The top challenge cited by respondents is finding and retaining customers (54%) followed by high prices and inflation (32%).

Learn more about this data from the Nerd Wallet 2024 Small Business Report, published on Dec. 3, 2024.

december 2024 small business data outlook

Fastest growing retail categories year over year were Grocery (11.1% growth), General Merchandise (11% growth), Clothing (7.3% growth), and Furniture, Electronics, and Appliances (6.8% growth).

Summary: Small business sales continue to be up compared to last year and transactions per customer declined.

  • Month-over-month sales at small businesses in November dropped 1.6% from October and year-over-year sales at small businesses rose 4.8% compared to November 2023.
  • Food Services and Restaurants experienced a 3.1% increase compared to October and 8.1% increase compared to November 2023. Caveat – average ticket sizes declined 1.3% compared to a year ago.
  • Service-based small businesses experienced a month-to-month sales decline of 1.8% since October and grew 5.1% compared to November 2023.

Learn more about this data from the Fiserv Small Business Index, published on Dec. 2, 2024.