President Donald Trump has often touted how his policies are inspiring high levels of confidence in the economy. He did so again in his State of the Union address.

"Small business confidence is at an all-time high," he said.

Is it? Pretty much.

The primary gauge of how confident small businesses are in the economy is the National Federation of Independent Business’s small business optimism index.

On an annual basis, the index averaged 104.8 in 2017. That just beat out the previous record of 104.6, set in 2004.

Here’s the full chart:

The most recent monthly figure (104.475 for December 2017) was actually down from the previous month (107.123 in November 2017). Still, the annual record is a reasonable measurement.

Our ruling

Trump said, "Small business confidence is at an all-time high." The NFIB’s small-business survey set a high in 2017, when all months are averaged. So we rate his statement True.