Oregon small business owners have reported increased optimism, according to the latest National Federation of Independent Business (NFIB) Small Business Optimism Index. The index rose by 0.5 points in December, reaching 99.5 and remaining above its 52-year average. This increase was mainly driven by more owners expecting improved business conditions.
Anthony Smith, NFIB's state director for Oregon, commented on the results: “Small business owners are expecting better business conditions and experiencing less uncertainty, resulting in a welcome uptick in optimism. And here in Oregon, small businesses are breathing a sigh of relief now that the governor has officially scrapped her plans to raise transportation taxes following a highly successful volunteer signature gathering campaign, aided by the efforts of countless small business owners, that put her special session tax and fee increases on pause.
“But increased optimism could be short-lived for Oregon’s small businesses. State lawmakers are coming back to Salem next month for the 2026 legislative session and they’re already talking about raising taxes on small businesses by disconnecting from key provisions of federal tax law that help small businesses and spur on economic activity.”
Bill Dunkelberg, Chief Economist at NFIB, said: “2025 ended with a further increase in small business optimism. While Main Street business owners remain concerned about taxes, they anticipate favorable economic conditions in 2026 due to waning cost pressures, easing labor challenges, and an increase in capital investments.”
Key findings from the latest report show that the net percentage of owners expecting better conditions grew by nine points to a net 24%, marking the first such increase since July. Evaluations of overall business health revealed that 9% rated their situation as excellent (a decrease), while 54% considered it good (an increase), 34% fair (also an increase), and 3% poor (a decrease). Taxes emerged as a leading concern for small businesses; twenty percent cited taxes as their single most important problem—up six points from November and representing the highest level since May 2021.
Alongside this data release, NFIB introduced a new episode of its podcast “Small Business by the Numbers,” hosted by Holly Wade and Peter Hansen from the NFIB Research Center. The podcast covers trends affecting small businesses nationwide.
The monthly Small Business Optimism Index is widely used as an indicator of America’s small business climate by policymakers including the Federal Reserve and Congress. It reflects feedback from NFIB members across various industries but does not break down data by state.
NFIB has advocated for independent business owners nationally since its founding in 1943.
