- Republicans take control of the Senate and grow lead in the House.
- New leaership could mean tax and immigration reform.
- May be good news for industries affected by environmental regulations, such as contractors.
The 2014 Election results are in; small businesses and contractors may have plenty to celebrate.
“Just because you do not take an interest in politics doesn't mean politics won't take an interest in you,” according to Pericles, general of Athens during its golden Age. Over the past few years, politics have taken a stated interest in small business owners, specifically contractors, as many have felt the squeeze of Washington D.C.
On election day, Nov. 4, small business owners seemed to take interest back, as the political landscape of the U.S. has been rearranged.
Republicans not only increased what was already a majority lead in the House of Representatives, but they took control of the Senate as well. J.D. Harrison of The Washington Post said this could mean tax reform, new leadership on the House Small Business Committee and possible action toward immigration reform.
John Carey, portfolio manager at Pioneer Investment Management, told Reuters that the decisive Republican victories in this midterm election are likely good news for industries that have been feeling the pressure of regulatory issues. This includes the regulations of the energy industry, something many contractors are all-too-familiar with at this point.
"It had looked like some of the races would be very close and that we might not know who controlled the Senate, but in the end, the results were pretty decisive," Carey told Reuters. "That's good news for the industries that had been subject to regulatory issues."