York County Economic Development (YCED) has released the findings of the latest Business Pulse Survey.
This semiannual survey, modeled after the Census Bureau's Business Trends and Outlook Survey (BTOS), offers valuable insights into regional economic conditions and the evolving business climate. It provides essential data for local industries to benchmark their performance and adjust strategies in relation to both regional and national trends.
Key Highlights from the Business Pulse Survey include:
- Stable Business Outlook: York County businesses rate their current "State of Business" at an average of 6.8 out of 10, showing a slight improvement compared to the previous survey. This signals cautious optimism despite external economic pressures.
- Global Economy Concerns: The ongoing wars in the Middle East and Ukraine, coupled with domestic challenges such as inflation and rising business costs, continue to shape local business sentiment. Forty percent of respondents are "very concerned" about the global and U.S. economy, highlighting how global dynamics are impacting local strategies.
- Revenue Realities: Forty-eight percent of respondents reported missing their revenue expectations over the past six months, up from 44% in the previous survey. In comparison, 15% exceeded expectations, and 38% met their targets. These figures reflect the resilience and adaptability of local businesses amidst economic fluctuations.
- Staffing Levels on the Rise: Forty-three percent of surveyed businesses plan to increase staffing levels in the next six months, a significant rise compared to 42% in the previous survey. Forty percent of businesses also reported increasing staff over the past six months, showcasing York County’s strong labor market.
- Investment in Technology and Automation: Fifty-five percent of businesses are increasing their investments in technology and automation to stay competitive. This underscores the growing importance of innovation and efficiency in driving business success.
- Challenges in Finding Qualified Employees: Despite staffing growth, 40% of businesses expect it to become harder to find qualified workers in the coming months. This challenge highlights the need for ongoing workforce development initiatives.
- Concerns About Rising Business Costs: Fifty-eight percent of respondents are either "somewhat" or "very concerned" about international trade policies, and 55% are concerned about rising supply chain disruptions, illustrating the external pressures facing businesses in York County.
Looking Ahead:
In addition to concerns about supply chain issues, businesses anticipate steady activity in the coming months. Forty-three percent expect their business activity to improve, while 26% anticipate real profits (adjusted for inflation) to increase. However, 28% expect their profits to decline, reflecting the complex economic environment in which businesses operate. As with prior surveys, this iteration targeted executives in manufacturing, distribution, corporate headquarters, and back-office operations. The survey was distributed to 264 companies and had a response rate of 15%.
It was conducted from mid-July to mid-August 2024, with an average completion time of 5 minutes. YCED remains committed to providing actionable data for the business community. The Business Pulse Survey, conducted semiannually, continues to serve as a critical resource for local businesses. The data collected complements our ongoing Annual Wage & Benefit Survey, which further enhances our reporting and analysis efforts. FIND A VIDEO SUMMARY OF RESULTS HERE FIND A SUMMARY BREAKDOWN OF THE RESULTS HERE
About York County Economic Development:
York County Economic Development (YCED) leads initiatives in recruiting, retaining, and growing businesses within the county. YCED also supports strategic efforts related to workforce development, infrastructure improvements, and enhancing quality of life.
Media Contact
Company Name: York Economic Development
Contact Person: Media Relations
Email: Send Email
Phone: (803) 802-4300
Address:1830 2nd Baxter Crossing
City: Fort Mill
State: SC
Country: United States
Website: http://www.yorkcountyed.com/
