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Survey: CFO Confidence in Economy Spikes After GOP Tax Law

Survey: CFO Confidence in Economy Spikes After GOP Tax Law
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By    |   Wednesday, 04 April 2018 10:03 AM

A majority of chief financial officers in the U.S., Canada, and Mexico said they had increased confidence about the economy and their companies' prospects after the Republican tax overhaul, according to a new survey from Deloitte, The Hill reported.

The survey's results:

  • 90 percent of CFOs said the current condition of the North American economy is good, an increase from 74 percent in the previous quarter and the highest number since the survey began in 2010.
  • 60 percent of CFOs said they were more optimistic about their companies' prospects, while only 6 percent said they were less optimistic.
  • 46 percent expect increased investment in U.S. operations.
  • 38 percent expect more front-loading of capital investments.
  • 31 percent expect more domestic hiring from their companies.
  • 38 percent anticipated an increase in domestic wages.

One part of the tax overhaul requires companies to repatriate earnings that are held overseas within 8 years.

More than 90 percent of CFOs expected their companies to use repatriated cash to invest in core businesses.

  • 63 percent expect their companies to use the repatriated cash to pay down debt.
  • 55 percent expect the repatriated cash will be used to hire employees.
  • 52 percent expect the repatriated cash will be used in stock buybacks.

The Deloitte poll surveyed 155 CFOs from the U.S., Canada, and Mexico from Feb. 12 to Feb. 23. Most of the CFOs in the survey work at companies that bring in more than $1 billion in annual revenue, the report said.

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A majority of chief financial officers in the U.S., Canada, and Mexico said they had increased confidence about the economy and their companies' prospects after the Republican tax overhaul, according to a new survey from Deloitte.
cfo, financial, officers, confident, economy, gop, tax law
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2018-03-04
Wednesday, 04 April 2018 10:03 AM
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