Rising optimism among small and middle market business leaders suggests growth for Illinois
Rising optimism among small and middle market business leaders suggests growth for Illinois
Sponsored by JPMorganChase
Business optimism is returning for small and midsize business leaders at the start of 2026, fueling confidence and growth plans.
The 2026 Business Leaders Outlook survey, released in January by JPMorganChase reveals a turnaround from last June, when economic headwinds and uncertainty about shifting policies and tariffs caused some leaders to put their business plans on hold.
Midsize companies, who often find themselves more exposed to geopolitical shifts and policy changes, experienced a significant dip in business and economic confidence in June of 2025. As they have become more comfortable with the complexities of today’s environment, we are seeing optimism rebounding in the middle market nationwide – an encouraging sign for growth, hiring, and innovation. Small businesses, meanwhile, maintained steady optimism throughout 2025, but they aren’t shielded from domestic concerns. Many cited inflation and wage pressures as the top challenges for 2026 and are taking steps to ensure their businesses are prepared for what’s ahead.
Overall, both small and midsize business leaders are feeling more confident to pursue growth opportunities, embrace emerging technologies and, in some cases, forge new strategic partnerships. That bodes well for entrepreneurs in Illinois. Here are a few other key findings from the Business Leaders Outlook about trends expected to drive activity in Illinois this year:
1) Uncertainty remains an issue. Almost half (49%) of all midsize business leaders surveyed across the U.S. cited “economic uncertainty” as their top concern – even with an improved outlook from a few months ago.
2) Labor is a top three concern in the Midwest. Going into 2026, Labor is a top three concern among midsize business leaders in the Midwest (higher than revenue and sales growth, which was the third nationally).
3) Tariffs are impacting business costs. Seventy-one percent of Midwest midsize business leaders said tariffs have had either a moderate or significantly negative impact on the cost of doing business.
4) Despite challenges, leaders are bullish on their own enterprises. Though the overall outlook is mixed, 67% of Illinois middle market companies are optimistic about their company’s performance for 2026.
5) Big plans are on the horizon. A majority (75%) of Illinois midsized company leaders expect revenue growth this year, and 67% expect a profit increase. Additionally, 43% of Midwest midsize businesses are considering M&A as a strategy in the next 12 months.
The bottom line
Rebounding optimism among U.S. business leaders at the start of the year is setting the stage for an active 2026. With business leaders looking to implement ambitious growth plans that position themselves for the future, momentum in Illinois could be beneficial future goals for leaders looking to launch, grow or scale their business this year.
For informational/educational purposes only: Views and strategies described in this article or provided via links may not be appropriate for everyone and are not intended as specific advice/recommendation for any business. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services, or other content.
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© 2026 JPMorgan Chase & Co.
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