Business Leaders' Insights on Harrisburg Region's Economic Outlook and Challenges
The Harrisburg Regional Chamber & CREDC conducted a survey to gather business leaders' perspectives on the local economy including growth projections and challenges. The results indicate a steady economic outlook, with concerns about hiring challenges and childcare accessibility affecting businesses. Most respondents expect consistent or improved profitability in the coming year. The findings offer valuable insights into how businesses in the region perceive current conditions and future prospects.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
About About The Harrisburg Regional Chamber & CREDC asked member business leaders to complete a brief survey encompassing economic outlook, growth projections, and challenges in the Harrisburg Region. Questions were asked in first quarter of 2024. The results give us insights into how business leaders view the local economy, their current challenges, and the plans they have for the coming year. Similar surveys will be conducted on a quarterly basis. 2
Highlights Highlights Economic Sentiment Revenue & Growth Workforce & Hiring > > > Steady Outlook Planned Growth Consistent Challenges 20% of business leaders say the Harrisburg Region s economy improved over the last year 53% of business leaders expect their company s profitability to improve over the next year 50% of business leaders say hiring challenges impact their ability to operate at full capacity 54% of business leaders expect the Harrisburg Region s economy to stay the same over the next year 42% of business leaders expect to increase their total number of employees over the next year 49% of business leaders say lack of childcare access and affordability impacts their companies. 3
Economic Sentiment Economic Sentiment 4 out of 5 local business leaders have experienced a steady and improving economy over the past year. Compared with a year ago, have overall economic conditions in the Harrisburg Region improved, remained the same or worsened? Worsened Improved Remained the Same 0 50 100 4
Economic Sentiment Economic Sentiment 4 out of 5 local business leaders expect steady economic conditions to continue over the next year. During the next 12 months, do you expect the overall economic conditions in the Harrisburg Region will be better, about the same or worse than now? Worse Better About the Same 0 10 20 30 40 50 60 5
Revenue Projections Revenue Projections 9 in 10 local business leaders expect their profitability to remain steady or increase over the next year. Do you expect your company s profitability to improve, remain about the same or worsen during the next 12 months? Worsen Improve Remain about the same 0 10 20 30 40 50 60 6
Job Growth Job Growth 4 in 5 local business leaders expect to increase or maintain their workforce over the next year. Do you expect your company s total number of employees will increase, remain about the same or decrease during the next 12 months? Remain about the same Decrease Increase 0 5 10 15 20 25 30 35 40 45 50 7
Hiring Landscape Hiring Landscape 1 in every 2 local business leaders says hiring challenges are impacting their ability to operate at full capacity. Are hiring challenges impacting your ability to operate your business at full capacity? Yes No 8
Hiring Landscape Hiring Landscape 4 in 5 business leaders did not experience consistent or increasing hiring challenges. Is your company finding it easier or more difficult to fill job openings than it was 12 months ago? More Difficult No Change Easier 0 10 20 30 40 50 60 70 80 9
Hiring Landscape Hiring Landscape Most pressing hiring challenges for businesses: 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Sourcing Qualified Canidates Retaining quality employees Offering competitive wages Offering competitive benefits No pressing hiring challenges 10
Impact of Inflation Impact of Inflation Primary obstacle for businesses when seeking capital: 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 11
Impact of Inflation Impact of Inflation Supply chain issues affecting businesses as compared to 12 months ago 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Much Better Better About the same Worse We have not been affected 12
Childcare Childcare How is childcare affecting your business? 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Employees exit Unable to hire new employees Employees miss work We offer childcare assistance Declines in productivity No Impact Other 13
Survey Respondents Survey Respondents Revenue Employees Industry Less than $500K $5-9M $50M+ $500-999K $10-20M $1-4M $21-49M 1-9 FTEs 100-249 FTEs 10-19 FTES 250-499 FTEs 20-49 FTEs 500-999 FTEs 50-99 FTEs 1000+ FTEs 8% 4% 5% 17% 19% 37% 16% 13% 9% Professional and Business Services Finance and Insurance Nonprofit/Government Health Care and Social Assistance Real Estate, Rental and Leasing Construction Educational Services Transportation and Warehousing Retail Trade Arts, Entertainment, Recreation and Food Services Manufacturing 6% 6% 11% 25% 8% 16% 14
