Droves of small business owners in Boston are planning to beef up their business in the coming years.

Sixty-seven percent of local entrepreneurs said they intend to grow their businesses over the next five years, the strongest small business forecast recorded in Boston since fall 2015, according to the spring 2018 Bank of America Business Advantage Small Business Owner Report.

The report, based on a semiannual survey of 1,000 small business owners across the country and the Greater Boston area, finds 47 percent of local entrepreneurs are confident the national economy will improve in 2018. Similarly, 51 percent of Boston small business owners are confident their local economy will improve in 2018, up 5 percentage points from a year ago.

Steady economic confidence has translated into a solid outlook on revenue and long-term growth. Sixty-three percent of entrepreneurs believe their revenue will increase in 2018. While hiring plans have dipped slightly, with now 26 percent of small businesses saying they plan to hire, opposed to 28 percent in spring 2017, they still remain above the national average, which is 22 percent.

“A steady economic climate has Boston entrepreneurs eager to expand operations and target new customers,” Kevin Kelly,  Northeast small business division executive at BofA, said in a statement. “Boston’s small business owners are cautiously optimistic about the new tax code and are embracing cutting-edge technologies, creating a positive environment for business growth.”

Boston entrepreneurs are split when it comes to the new tax code and its impact on small business. Forty-eight percent of Boston entrepreneurs cite the new policy as a game-changer for small businesses overall, 10 percentage points lower than the national average. In addition, while 51 percent say it’s made them more optimistic about their business outlook, this number trails the national average by 12 percentage points.

Thirty-six percent of Boston entrepreneurs have altered their business plans for 2018 as a result of the new tax law. Furthermore, 70 percent of Boston entrepreneurs expect to receive savings for their business because of the policy, and they plan to use these funds to fuel further growth, including:

• Investing back into their business (40 percent).
• Awarding raises and bonuses to employees (17 percent).
• Paying off loans (16 percent).
• Expanding operations (16 percent).
• Hiring more employees (14 percent).
• Making capital improvements (14 percent).

Looking beyond the new tax policy, Boston business owners anticipate some economic challenges in the year ahead. Health care costs remain a top concern for Boston entrepreneurs (70 percent), and the report found a variety of other mounting economic concerns, including:

• Interest rates (53 percent, up 14 percentage points year over year).
• Strength of the U.S. dollar (52 percent, up 13 percentage points year over year).
• Commodities pricing (50 percent, up 9 percentage points year over year).
• U.S. and global stock market (48 percent, up 12 percentage points year over year).