The U.S. midterm elections are less than a week away and there’s been plenty of speculation and fear expressed by both major political parties regarding what could occur if the power balance shifts in Congress – or if it remains the same.
Considering that there are some 30 million small business owners in the U.S., a potentially powerful voting bloc, the Alignable Research Center polled 4,795 of them from 10/1/22 to 11/2/22, asking, “What outcome to the November midterm elections would benefit your business the most?”
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SMBs Favor Republican-Controlled Congress
The majority (62%) said a Republican-controlled Congress would be best for their businesses. (And only 35% identified as Republican). Additional highlights of Alignable's Small Biz Midterm Election Poll include:
- SMBs in most industries supported Republicans running Congress. Leading the pack were 86% of manufacturers, 80% in agriculture, 78% in transportation, 76% in the automotive industry, 76% of SMBs in insurance, 73% in construction, 68% in real estate, 68% in retail, and 63% of restaurateurs.
- In contrast, 54% of photographers and 50% of nonprofits favored an outcome where Democrats control both the House and Senate.
- Reasons why the majority of SMBs want a major change at the federal level were all focused on economic challenges, and included additional Alignable poll insights:
- 54% said they are “highly concerned” about rising interest rates, adding that new rates this year have already hurt their businesses.
- When asked if elected officials have done a great job for their small businesses, 55% said, "No."
- Approval ratings for the House and Senate were lower than ever, just 11% and 10%, respectively. That’s down from 12% in June for both houses.
- While some small businesses are thriving right now, only 24% are fully recovered, matching or exceeding the monthly income they earned prior to COVID. This number has declined 19 percentage points since its high of 43% in Dec. 2021.
- 33% say if they don’t earn higher revenues in Nov. and Dec., they’re in jeopardy of closing their businesses before 2023.
- Finally, based on Alignable’s October Rent Report, 37% of all SMBs couldn’t cover their rent last month, marking the most rapid jump in rent delinquency in 2022. Most cited over a year of high inflation as a major source of their problems.
- States topping the list of SMBs favoring a Republican-ruled Congress include PA (77%), OH (76%), VA (73%), and NJ (71%).
