Chief financial officers are feeling more upbeat about the direction of the U.S. economy, according to a new survey released by TD Bank.
The bank's annual poll of financial executives, released May 8, found that 60% were optimistic about U.S. economic growth, up from 46% last year.
Half of the survey respondents also anticipated increasing capital spending, primarily in technology and existing facilities, due to an expected uptick in revenues.
"The increased appetite for capital investments confirms our view that businesses are finding ways to thrive in the 'new normal' economy," Greg Braca, TD Bank's and head of corporate and specialty banking, said in a press release.
The survey also found that less than a quarter of executives at companies with cash stockpiles have plans to spend those funds this year.
Government regulation and business competition topped the list of CFO concerns, followed by frustration with political gridlock on Capitol Hill.
TD Bank polled 300 senior finance executives across the East Coast, including CFOs, comptrollers and treasurers.