Optimism about business outlook and employment rose among US corporate leaders for the first time since 2022, according to the Business Roundtable Q1 2024 CEO Economic Outlook Survey, released Wednesday.

The report uses survey results to create a composite index of CEO plans for capital spending, employment and expectations for sales over the next six months.

The overall index increased to a reading of 85 this quarter, up by 11 points from last quarter and slightly above its historic average of 83 for the first time since 2022.

“This quarter’s survey results underscore the resiliency of the US economy and suggest accelerating economic activity over the next six months,” Chuck Robbins, Business Roundtable chair and CEO/chair of Cisco, said in a press statement.

“To further strengthen the economy, the US needs to double down on policies that spur domestic investment and bolster American competitiveness,” Robbins said. “The Tax Relief for American Families and Workers Act is at the top of that list. The House passed this vital measure in an overwhelmingly bipartisan vote, and we strongly encourage the Senate to swiftly follow suit.”

The “plans for hiring” subindex increased by five points to a value of 60, while the “plans for capital investment” rose 16 points to a value of 78. In addition, “expectations for sales” increased by 13 points to a value of 118.

Meanwhile, CEOs project the US GDP to grow 2.1% this year, up marginally from the 1.9% growth projected in their first estimate last quarter.

The survey includes responses from 159 CEOs and was conducted between Feb. 15 and 29.