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.

“While uncertainty is always part of the business landscape, we’re seeing more clients ready to invest in their growth — whether that’s hiring, expanding into new geographies or adopting new technologies,” said Belen Garren, Region Manager for Commercial Banking at J.P. Morgan and Vice Chair of JPMorganChase’s Market Leadership Team in North Texas. “It’s an exciting time for Dallas businesses.”

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 Dallas. Here are a few other key findings from the Business Leaders Outlook about trends expected to drive activity in Dallas this year:

Following the 2024 U.S. presidential election, many anticipated a favorable business environment. By June 2025, however, that feeling shifted amid concerns about political dynamics, tariffs, evolving regulations and global economic headwinds. 

1. Inflation remains the top concern for small business owners.

Going into 2026, 37 percent of respondents cited inflation as their top concern. Rising taxes came in second at 27 percent, and the impact of tariffs was third at 22 percent. Other concerns included managing cash flow, hiring and labor costs. 

2. For middle market leaders, uncertainty remains an issue.

Almost half (49 percent) of all midsize business leaders surveyed cited “economic uncertainty” as their top concern – even with an improved outlook from a few months ago. Revenue and sales growth was second at 33 percent, while tariffs and labor both were third at 31 percent. 

3. And tariffs are impacting businesses costs.

61% of midsize business leaders said tariffs have had a negative impact on the cost of doing business.

4. Despite challenges, leaders are bullish on their own enterprises.

Though the overall outlook is mixed, 74 percent of small business owners and 71 percent of middle market companies are optimistic about their company’s prospects for 2026. 

5. Adaption is the theme.

For small business owners surveyed across the U.S., responding to continuing pressures is important in 2026. Building cash reserves (47 percent), renegotiating supplier terms (36 percent) and ramping up investments in marketing and technology are among the top priorities. 

6. Big plans are on the horizon.

A majority midsized company leaders expect revenue growth this year, and nearly three out of five of (58 percent) plan to introduce new products or services in the coming year, while 53 percent look to expand into new domestic and/or international markets. In fact, 49 percent say they’re pursuing strategic partnerships or investments.

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 Dallas could be beneficial future goals for leaders looking to launch, grow or scale their business this year. 

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