San Diego Regional Chamber of Commerce sign
San Diego Regional Chamber of Commerce.

The San Diego Regional Chamber of Commerce said Friday its monthly survey of local businesses found a big jump in optimism in February.

The chamber’s Business Outlook Index, based on a survey of 200 randomly selected businesses, jumped over 20 percent from January and is well above the long-term historical average.

The index, which is a measure of how San Diego businesses view the coming three months, stood at 23.9, up from 19.7 in January and 19.5 in December.

“This month we see a significant uptick in the outlook for micro firms, those businesses where the owner is the sole employee, which is notable because the smallest firms have historically been less optimistic than their larger counterparts,” noted Tom Wornham, chief executive officer of CalPrivate Bank, the survey’s sponsor.

“The increased positivity is driven by a more bullish outlook on revenue with 58 percent expecting increases in the near term compared to 37 percent last quarter,” Wornham said.

The latest survey also asked how local businesses saw the recently enacted federal tax reform.

“While the consensus among local businesses is that the tax overhaul won’t change things, we do see positivity from those who believe there will be an impact on their business,” said Jerry Sanders, president and CEO of the chamber.

“The perception among this group is that if there is a change, it will likely work out well financially for local businesses and the downside is very limited,” he said.

Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.