Confidence factors: Then and now
This article is part of our second annual Risk + Reward series. Capital One Business and Inc. partnered to survey 349 business leaders in November 2025 to explore how they navigate risk and rewards in pursuit of business growth. View our key findings and other articles in this series.
While business leaders continue to pursue growth, the factors affecting their confidence in the business climate have changed year over year.
Business leaders’ outlook
On the U.S. economy:
2025—51% are confident in the U.S. economy over the next 12 months.
2024—55% were confident in the U.S. economy over the next 12 months.
On their industries:
2025—67% say the current business climate is positive for their industries.
2024—74% said the business climate was positive for their industries.
For their companies:
2024—80% said the current business climate was positive for their company.
2025—64% say the current business climate is positive for their company.
Top factors affecting confidence in the economy and business climate:
| 2024 | 2025 |
|
The outcome of the presidential election in the U.S.: 50% |
Inflation costs: 40% |
|
Inflation costs: 43% |
Geopolitical instability: 39% |
|
Industry-specific trends: 42% |
Unemployment: 38% |
|
Interest rates: 41% |
Regulatory environment: 38% |
|
Job market/available talent: 38% |
Economic policy: 38% |
Source: Inc. and Capital One Business Risk & Reward Survey 2025
