The anticipation of donald trump returning to the White House led to a surge in optimism on Main Street, according to several post-election polls.

The latest from the NFIB Small Business Optimism Index jumped 8 points to 101.7 in November, with election results signaling a significant shift in the economic policy of the Biden-Harris administration, snapping a record 34-month streak of uncertainty with the highest reading since June 2021.

Former President Donald Trump dances at his campaign rally in Crotona Park in the South Bronx, Thursday, May 23, 2024, in New York City. Main Street optimism is soaring, according to post-election surveys of small business owners. (James Devaney/GC Images/Getty Images)

This is the first time the reading has risen above the 50-year average in the past 2.5 years. Of the 10 components of the optimism index, nine increased, none decreased and one was unchanged last month from October.

“Simply put, economic policy matters, and there’s no doubt that the election results spurred a lot of the optimism, that uptick in optimism, that we saw in our monthly economic survey,” the president said of the NFIB, Brad Close, “Bloomberg: The Close,” this week.

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“Small company Owners are hoping for an administration to come in that addresses the concerns that the little guys, half of the U.S. economy, really care about, and that’s fiscal policy, that’s cutting regulations and getting the economy going again Close added.

In the days after election night, gig platform Fiverr conducted its own survey of business owners and found that nearly 90 percent were optimistic about the future, especially those in industries at the center of the election cycle , such as education (92%), finance. (89%), and retail (89%).

Eighty-five percent of respondents told Fiverr they think Trump will improve economic situation for small businesses, with higher rates of optimism among larger organizations at 89% among businesses with more than 100 employees.

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According to the survey, both male (85%) and female (83%) business owners remain hopeful about the new administration and expect business growth, with nearly 92% of women-led businesses saying they expect a increased income in the new year. .

NFIB’s Close said much of the optimism can be attributed to hopes that Trump’s tax cuts from his first term will be extended in his second, given that Republicans now control no not just the White House, but both houses of Congress.

Republicans took control of the White House and both houses of Congress in elections in recent months, fueling optimism that the GOP will be able to extend Trump’s tax cuts. (Photo by Kevin Carter/Getty Images/Getty Images)

“If we look at one of the biggest issues that small business owners are concerned about, the small business deduction, their ability to deduct 20% of their small business income from their business taxesthis is huge,” Close told Bloomberg.

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“This was created in 2017, right, so the economy took off after the tax bill passed,” he said. “This policy expires in a year. Small business owners know this and are very optimistic that the incoming administration, which has said it wants to extend and make this provision permanent, is ready to start.”