CEOs across industries are starting to feel more confident in their business conditions than they have in the past two years, according to a new report.

Over 130 CEOs responded to the survey from the Conference Board last month, and it revealed that nearly a third of them thought economic conditions were better during 2024’s first quarter than six months ago. According to the board’s previous surveys, when CEOs have reported extremely low confidence over a period of time, it tends to precede a recession, as it did in 2020, 2008, and 2001.