Businesses Sentiment Survey from SU shows businesses confidence rising across Maryland
SALISBURY, Md -Eastern Shore business owners’ and managers’ outlook on the economy is more optimistic than they were six months ago.
These trends are among the findings of the latest Eastern Shore Business Sentiment Survey conducted through a partnership with Salisbury University’s Business Economic and Community Outreach Network (BEACON), SU’s Eastern Shore Regional GIS Cooperative (ESRGC), and many of the region’s economic and workforce development professionals.
The June 2023 results represent the fifth report released by BEACON. The first survey in the series was conducted in June 2021, with a follow-up in December 2021, and the most recent report in December 2022.
The survey included more than 50 questions, asking business leaders to weigh in on a range of topics, from general business concerns to conditions in their own industries. Respondents evaluated business conditions locally, regionally, in the state, and nationwide for the coming year. They also shared views related to their specific industries and on issues from labor supply to regulations.
25% of those surveyed believe economic conditions will worsen, compared to 44% in June 2022.
“People have shifted more optimistically there. But if you look really looking at it, people say they’re expecting conditions to be fairly even. What we saw in June of last year and particularly December of last year, they were predicting worse conditions,” said John Hickman Director of the Beacon Center.
Hickman says things like materials and labor shortages are starting to ease as is inflation, but getting a loan is still harder than ever before.
“Interest rates are significantly higher than they’ve been and underwriting guidelines have gone up or the underwriting has become more strict for people looking to borrow,” Hickman said.
Salisbury Area Chamber of Commerce President Bill Chamber says the results match what he has heard from businesses, especially new businesses who are feeling good, but struggling to grow.
“When you ask a small business about the expansion that business owners can roll their eyes and say, that would be great if I could get a loan, a very, very tight loan market right now for commercial loans and continuing to have to increase labor compensation is an uphill battle for small businesses,” Bill Chambers.
BEACON says they included multiple industries in their survey – to make sure they were representative of the state, 80 percent were businesses with fewer than 50 employees…
and a majority of responses came from owners, Presidents, and CEOs.
