A national economic optimism index of small business owners is at its highest level ever, up 162% since the final months of President Obama’s two terms.

The Wells Fargo/Gallup Small Business Index is at +142 compared to +54 at the end of the Obama administration.

“When owners are asked a broad question about their financial outlook ‘for your business’ over the next year, 77% say they are more optimistic than pessimistic,” added the survey begun in 2003.

#Smallbiz owners continued to show strong optimism in our latest Small Business Index survey. See the trend here: https://t.co/vBoZgCsSSc pic.twitter.com/A5C26KtNm4 — Wells Fargo SmallBiz (@WellsFargoWorks) November 5, 2019

Yet despite the optimism, some 33% said that they are concerned about an economic downturn next year, said Wells Fargo.

“The Small Business Index is invaluable as one of the tools we use not only to measure current sentiment and priorities among business owners but future ones,” said Elli Dai, head of Small Business and Personal Lending Group at Wells Fargo, in a statement. “Both the continued optimism of business owners and their thoughts on key priorities and issues for the election and economy overall provide a window into how to best support their continued growth,” added Dai.

Said Gallup, "Small-business owners' optimism continues to edge up in 2019. In the latest quarterly Wells Fargo/Gallup Small Business Index survey, conducted Sept. 30-Oct. 4, the overall index is at +142, up from +136 in July and +129 in April. The index is a measure of owners' present and future optimism -- both of which saw modest upticks this quarter."

Since 2020 is a presidential election year, the survey asked small business owners about the potential effect, and they said it could be major. They put taxes, health care, and the economy on their list of top issues.