Today, CLA (CliftonLarsonAllen LLP) announced the release of its initial Heartbeat Index, an exploratory snapshot of business sentiment gathered from thousands of clients and other business leaders since March 2025.
The Heartbeat Index reflects the voices of small, mid-sized, and large organizations across diverse sectors, including construction, real estate, state and local government, nonprofits, health care, private equity, and more. Each month since March, CLA has asked clients and other business leaders about their outlook on the economy, hiring, expansion, and the impact of tariffs and policy changes.
Economic Focus:
- Hiring optimism — 61% of respondents indicated they are “likely” or “highly likely” to expand their workforce, signaling resilience and a continued focus on talent acquisition.
- Tariffs caution — The largest group (41%) reported a “neutral” stance on tariffs, with only 28% expressing positive sentiment, underscoring ongoing uncertainty about trade policies.
- Expansion plans — Businesses are divided, with 42% neutral, 30% positive, and 29% negative about expansion in the coming year.
- Economic outlook — Sentiment sits just below neutral, with a score of 2.84 out of 5. Optimism rose after the passage of the One Big Beautiful Bill Act but softened amid concerns about rising costs, tariffs, and inflation.
“Listening to our clients is at the heart of everything we do,” said Jen Leary, CEO of CLA. “The Heartbeat Index is not a sweeping economic analysis — it’s a reflection of the hopes, concerns, and realities facing American businesses, nonprofits, health care providers, and entrepreneurs today. By sharing these insights, we aim to spark dialogue and empower leaders to navigate uncertainty with confidence.”
With 130 offices across America, CLA serves the heartbeat of the country — entities employing friends, neighbors, family members, and more. CLA started the Heartbeat Index in 2025 to help shed light on the experiences of business owners.
“While these findings are directional and not prescriptive, they offer a glimpse into how these often-overlooked sectors are adapting and responding to change. Our clients and prospects — privately held businesses, government entities, nonprofits, and more — are the backbone of their communities, and their voices are vital for capturing the true pulse of today’s economic environment,” CLA’s Chief Growth Officer Paul Bailey said.
Along with a focus on the Heartbeat Index, CLA also has a commitment to creating jobs in the U.S. CLA believes in “onshoring” and in finding alternative pathways to accounting and professional service roles. Through initiatives like the CLA Academy and its high school internship program, CLA creates opportunities in the communities in which it works.
CLA will continue publishing monthly Pulse reports from the Heartbeat Index and invites clients and prospects to participate in future surveys. For more information, visit www.claconnect.com/heartbeat-index.