The state of small business in Arizona
Feb. 19, 2024
Arizona Horizon was joined by the State Director of the National Federation of Independent Business, Chad Heinrich, to discuss the state of small business in Arizona and what we can expect from lawmakers in this session.
“Small business is actually big business in Arizona,” Heinrich said. “We employ over a million people in our small business community in Arizona.”
According to Heinrich, the correlation between inflation and the lack of employment is a setback for small business owners. While some owners are interested in hiring, there are factors making this decision a challenge.
The increase in the minimum wage to $14.35 per hour is often prohibitive for some small business owners, particularly when recruiting inexperienced employees. This involves owners having to use personal funds or loans to expand their commerce.
Heinrich acknowledged the survey data may not be news to small business owners, but issues are becoming more severe.
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