Prime Highlights :
- US businesses are prioritising investment over cost-cutting at record levels, yet three in five plan to delay major decisions for at least six months.
- Seven in ten businesses lost money to fraud in the past year, pushing cybersecurity into the top three investment priorities.
Key Facts :
- Columbia Bank’s 2026 Business Barometer surveyed nearly 1,200 small and middle market businesses across the US.
- AI is now the top investment priority, with 96% of businesses expecting it to boost productivity over the next 12 months.
Background :
US business leaders are heading into the next 12 months with stronger conviction than in recent years, yet a sizeable share are sitting on major decisions until the economic picture becomes clearer, according to Columbia Bank’s 2026 Business Barometer.
The study pulled responses from nearly 1,200 small and middle-market businesses across the country. Most are leaning towards spending rather than saving, a record result since the survey launched in 2019. Even so, three in five say they will wait at least six months before committing to anything significant, with tariffs, inflation and energy costs all weighing on their thinking.
AI is now the single biggest investment target. Nearly all businesses surveyed, 96%, expect AI to lift productivity, and 89% believe it will create demand for more specialised workers. One in ten, however, sees AI as a threat to their survival. Beyond AI, 89% plan to invest in digitising new parts of their operations, and 70% are open to borrowing to fund expansion.
Fraud is hitting businesses hard. Seven in ten reported financial losses from fraud over the past year, with phishing attacks and fake vendor scams doing the most damage. Middle market firms with losses above $50,000 accounted for 22% of that group. Cybersecurity spending is now a top-three priority across businesses of all sizes.
On tariffs, smaller businesses have largely absorbed or avoided the impact, 67% say tariffs either left them unaffected or worked in their favour. Larger middle market firms tell a different story, with 48% reporting direct harm. Across the board, 85% expect tariff unpredictability to remain a live issue for at least another year.
