Business Leaders React to State of the Union Address, Share Economic Outlook for 2024

WASHINGTON, D.C. – Last night, President Biden delivered the State of the Union Address and focused heavily on the economy and the strength of small businesses as a critical part of America’s economic resurgence.

Following the President’s address, business leaders and small business owners across the country shared their reactions and outlook on the economy. Here’s what they’re saying.

Ron Busby Sr., President & CEO, U.S. Black Chambers, Inc. (USBC):

"The U.S. Black Chambers, Inc. (USBC) acknowledges President Biden's recent State of the Union Address and its significance in outlining the administration's priorities for the nation. As the nation’s voice of Black businesses, we commend President Biden’s reaffirmed commitment to ensure more of our small businesses can access the capital and resources necessary to thrive in the years ahead. 

"While we applaud the progress of several policy initiatives outlined by President Biden, we continue to emphasize the necessity of a comprehensive approach to address the unique challenges facing Black entrepreneurs and communities, including the safeguarding public sector programs fostering diversity, equity, and inclusion initiatives for a more just economy. Given the onslaught of executive order policies focusing on advancing racial equity since the beginning of this administration, the USBC believes that President Biden should be more intentional at outlining his progress on commitments made to create a fairer country.

"As advocates for economic justice, the USBC remains dedicated to collaborating with the administration, Congress, and other stakeholders to ensure that federal policy measures translate into tangible improvements for the entire Main Street ecosystem. We encourage a continued dialogue that addresses the root causes of economic disparities while actively promoting initiatives fostering growth, sustainability, and prosperity for the Black Americans and our business community."

Rhett Buttle, Founder, Public Private Strategies & President, Public Private Strategies Institute:

“Three years ago, the American economy was on the brink. We were in the midst of a deadly pandemic. Small businesses across the country were struggling with the fallout from COVID. Attacks on the foundation of American democracy had rattled consumer and investor confidence. 

“The past three years have been defined by America’s historic economic resurgence thanks to bipartisan investments in infrastructure, manufacturing, workers, and small businesses. The provisions of the American Rescue Plan, Bipartisan Infrastructure Law, CHIPS and Science Act, and the Inflation Reduction Act are generating impressive economic growth that is fueling a small business boom and benefiting Americans across the economy.

“The proof is in the data. Consumer sentiment is approaching the highest levels we’ve seen since the onset of COVID. Inflation has cooled to 3.1%. Wage growth has been steadily above 5% for the past two years, with most of the wage gains benefitting middle-income and low-income households. The stock market continues to hit record highs. There have been 16 million new small business applications in the past 3 years, the strongest period on record. And unemployment remains well below 4%.

“Despite these successes, there is so much work to be done at home and abroad to defend democracy and strengthen the economy. We need to continue to focus on protecting our democracy, the foundation of a strong economy. We must continue investing in economic policies like tax fairness and lowering healthcare costs that help small businesses thrive. And we must continue targeting investments to historically disadvantaged small businesses to create a fair economy full of Good Jobs and strong growth.

“The Administration has indicated that they are ready to double down on its investment in American jobs and American businesses by promoting competition, slashing junk fees and price gouging, and building a business environment with a level playing field. Small business and the private sector must be at the center of this work, and we at Public Private Strategies look forward to working with the President and all policymakers -- across any affiliation -- to do this work.”

Ramiro Cavazos, President & CEO, United States Hispanic Chamber of Commerce (USHCC):

“Hispanic-owned businesses across the country continue to thrive as a result of bipartisan policies, including the Infrastructure Investment and Jobs Act and the CHIPS and Science Act. Both acts have spurred renewed investment in critical industries, from manufacturing and energy to construction. Hispanic business owners have established strong footprints in these industries, and as a result, are creating more jobs and fueling economic growth.

“The United States Hispanic Chamber of Commerce is encouraged by federal investments that are rebuilding America's infrastructure for the 21st century and strengthening domestic supply chains. These investments are creating more opportunities for Hispanic entrepreneurs, as Latino business ownership has grown at the fastest pace in at least a decade, rising from 7% to 10% between 2019 and 2022. In addition, we’re optimistic about the potential of the State Small Business Credit Initiative to coordinate with Community Development Financial Institutions and other microlending institutions, presenting opportunities to direct capital toward minority business owners.

“To support the five million Hispanic-owned businesses in the U.S., the USHCC urges President Biden and Congress to build on investments that have supported strong economic growth."

Lisa Coppola, Board Chair, National Association of Women Business Owners (NAWBO):

“In the last three years, we’ve seen an undeniable growth in new small businesses across the country. In 2023 alone, women-created businesses overall increased by 17%, and they’re driving significant economic gains across key industries including manufacturing, construction and home improvement.

“This impressive growth is the result of important investments made through bipartisan legislation, including the Infrastructure Investment and Jobs Act and the CHIPS & Science Act, which have driven federal investment towards manufacturing and construction. The CHIPS and Science Act has also spurred crucial investments in childcare options, no doubt leveling the playing field for working mothers.

“We look forward to working with Congress, and the Administration, to increase opportunities for women-owned businesses across the country.”

Angela Dingle, President & CEO, Women Impacting Public Policy (WIPP):

“On behalf of America’s 14 million women owned businesses, Women Impacting Public Policy applauds the President’s address to Congress, which highlighted the historic growth of new small businesses in the last three years. Women have been on the forefront of this historic boom in small business, in fact, from 2022 to 2023, the rate of growth for women owned businesses increased to 4.5 times that of their male counterparts. Women are also securing higher paying jobs and growing their footprint in traditionally male dominated fields, including construction, HVAC, and plumbing.

“This is in part a result of strong federal investments in those industries via the Bipartisan Infrastructure Law, the CHIPS and Science Act and the Inflation Reduction Act. Through these investments, women owned firms have expanded access to contracting opportunities and more resources to grow their businesses. We look forward to working with the Administration and Congress to ensure that Women Owned Small Businesses (WOSBs) have access to opportunities in the Invest in America Agenda.”

Chris James, President and CEO, The National Center for American Indian Enterprise Development:

“Indian Country businesses have a true friend in the Biden-Harris Administration. The American Rescue Plan, the Bipartisan Infrastructure Law, and the Inflation Reduction Act included historic investments in Indian Country, helping tribal and Native-owned businesses survive - and even thrive - despite facing strong economic headwinds. Since then, the Administration’s successful effort to boost federal procurement for Native-owned businesses and executive order that empowers tribes to take control of their own destinies prove its commitment was far more than a flash in the pan. We look forward to continuing to be a part of the Administration’s inclusive economic agenda that leans into the idea that we are much stronger united than divided.”

Carolina Martinez, CEO, California Association for Microenterprise Opportunity (CAMEO):

“During the President’s State of the Union, we were pleased to see him continue to emphasize the important contributions that micro-business owners, especially, women of color, have made to our economy – truly highlighting how they have been engines of economic power.

“In the last three years, we’ve witnessed a historic boom in small businesses, driven in part by critical federal investments in key industries, including manufacturing, construction, tech, and energy. In California and across the country, we are energized to see the growth that micro-businesses are experiencing due to these once in a lifetime investments. 

“Micro-businesses have emerged as key contributors to growth and innovation, punching above their weight with respect to job creation, often outpacting larger firms. These firms continue to have a larger impact on the economy as their ranks expand, and that growth is largely being driven by women, who now represent 40% of all self-employed individuals, up from 34% in 2016.

“We hope that in the months ahead, the Administration will continue to find ways to continue to invest in innovative lending programs to support micro-businesses. We know that deployment of capital programs, such as the State Small Business Credit Initiative (SSBCI), which has allocated $3.4 billion to be deployed or administered by CDFIs across the country, has provided much need capital in support of micro-businesses, we hope the Administration will continue to make those types of investment going forward.”

Ying McGuire, President and CEO, National Minority Supplier Development Council:

“In the wake of President Biden's State of the Union address, we celebrate the economic achievement Americans have experienced thanks to the efforts of the past few years. The passage of the Bipartisan Infrastructure Bill, the Inflation Reduction Act, and the CHIPS and Science Act are already generating growth and innovation across the country proving that investing in America yields results that will last for generations.

“In just three years, we have witnessed the historic milestone of 16 million new business applications filed – proof that even in the face of uncertainty as we emerged together from a global pandemic, the spirit of America – one of courage and resilience – can meet any challenge. This is especially true for Black, Hispanic, AAPI, and Native American individuals who saw accelerated economic growth due to both the president’s leadership and their communities' drive to see the American dream fully manifest. This collective effort across America's diverse communities shows our differences make our nation stronger. Minority businesses are at the heart of that transformation, and we thank the Biden Administration for championing the economic growth of MBEs all across the country.”

Justin Nelson, President & Co-Founder, National LGBT Chamber of Commerce (NGLCC):

“Over the past three years, there has been remarkable growth in small business creation, surpassing expectations in the post-pandemic economy. Within this period of notable small business expansion, LGBTQ+ owned businesses have particularly stood out with impressive growth. From January to July 2023, there was a notable 33% increase in LGBTQ+ business ownership.

“Many factors can be attributed to this strong growth, including significant federal investments in key industries through bipartisan legislation, including the Infrastructure Investment and Jobs Act and the CHIPS and Science Act. Once in a lifetime investments made through these laws have already begun to create opportunities for LGBTQ+ firms to access capital for their businesses through contracting and grant opportunities.

“The nation’s estimated 1.4 million LGBTQ businesses, who contribute over $1.7 trillion to the US economy annually, have helped fuel this economic growth and urge Congress and the Administration to build on crucial investments that have helped entrepreneurs start and grow businesses.”

Chiling Tong, President & CEO, National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE):

“Since 2021, we’ve witnessed historic growth in small business ownership as more than 16 million new small businesses have opened. Policies signed into law under the Biden Harris Administration, including the Infrastructure Law, the CHIPS and Science Act and the Inflation Reduction Act are helping drive this historic growth of small businesses. 

“Among the 16 million new small businesses, America's Asian American Pacific Islander (AAPI) small businesses have demonstrated unparalleled growth, soaring by an impressive 13% from January to July 2023. Notably, Asian American women-owned businesses exhibited remarkable dynamism, registering a commendable 7.5% growth between July 2019 and 2023.

“We’re pleased to see the sustained growth of AAPI small businesses, and look forward to helping more AAPI entrepreneurs grow their businesses through our Capital Readiness Program, which supports the development of technical assistance programming and small business incubators across the country.”

Anne Zimmerman, Founder & Owner, Zimmerman & Co. CPAs and Treasurer of Anderson Area Chamber of Commerce in Cincinnati, Ohio, and Small Business for America’s Future Co-Chair:

“I was glad to hear in the State of the Union Address that the commitment to the economy remains strong because it's clear that our nation's economic vitality is closely tied to the health of our small businesses. With record low unemployment and strong demand for workers, bipartisan policies such as the CHIPS and Science Act, Bipartisan Infrastructure Act, and the Inflation Reduction Act have been instrumental in paving the way for small businesses to lead in job creation. With a record 10.2 million new small business starts since 2021, establishing a fair tax code is crucial for their success and for the country to capitalize on the potential economic activity that this boom in entrepreneurship could deliver. I urge our lawmakers to maintain their support for small businesses, recognizing their pivotal role in our ongoing economic prosperity.”

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