NORTH DAKOTA (KXNET) — North Dakota small businesses are seemingly optimistic following the presidential election, a long-running national index shows. The National Federation of Independent Business "Small Business Optimism Index" for North Dakota has reached a new high not seen for several years. The index uses 10 "components" to evaluate small businesses and assigns a score based on the components. The higher the number, the greater the optimism. North Dakota's 50-year average is 98 points. In November, the index for the state rose to 101.7 points, the highest reading since June 2021. "The election results signal a major shift in economic policy, leading to a surge in optimism among small business owners," explained NFIB's Chief Economist, Bill Dunkelberg. "Main Street also became more certain about future business conditions following the election, breaking a nearly three-year streak of record-high uncertainty. Owners are particularly hopeful for tax and regulation policies that favor strong economic growth as well as relief from inflationary pressures. In addition, small business owners are eager to expand their operations." Plowing through the snow with new snowplow names "For North Dakota's small businesses, the November Optimism Index highlights both the opportunities and challenges in our growing economy," added NFIB's North Dakota State Director, Don Larson. "36% of small business owners are expecting the economy to improve, the highest since 2020. This report makes it clear that November's election results boosted hope for Main Street." In the NFIB's monthly jobs report, 36% of small business owners nationwide reported having unfilled job openings. Of the owners who were hiring, or trying to hire, 87% saw few or no qualified applicants. According to the Index, owners had to raise their selling prices because inflation was the single most important problem in their business, which passed the usual culprit of labor quality. The Index also found owners were reporting lower profits. For those who had lower profits, blame was put on weaker sales, the increase in material costs, labor costs, and lower selling prices. For those who had higher profits, they credited sales volumes, the usual seasonal change, and higher selling prices. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Today's Top Stories SIGN UP NOW