New survey shows local business owners are not optimistic about current economy

EASTERN SHORE, Md. – A new survey provided by BEACON from Salisbury University shows business expectations have declined on the Eastern Shore. BEACON stands for ‘Business Economic and Community Outreach Network’. According to John Hickman, the group’s director, business owners’ expectations have fallen since the start of the year.

“About the time we were collecting data, other business sentiment surveys were coming out, and towards the end of January, there was a drop in optimism.”

Some reasons for low optimism are because of inflation, the labor force, and financing. These barriers impact businesses looking to expand or even get started. Salisbury Area Chamber of Commerce President, Bill Chambers, said inflation needs to be prioritized to fix.

“Inflation is a concern and is why the Federal Reserve is unlikely to continue to lower interest rates until they can control interest rates. They need it to be at 2% and we’re close to 3% right now.”

Survey responses come from business owners, CEOs, and managing partners on the Eastern Shore. Chambers stated the state’s budget shortfall is hindering local businesses. “I think if you talk to any business owner in Salisbury or Wicomico County, they will tell you business is OK.”

Hickman said business conditions are not in a good place currently, but could be in better shape in the future. “In July, we will do our next survey, which will give people the ability to look at their next half year of operating for general businesses.”

BEACON will release the next semiannual sentiment survey in the summer. The organization hopes to see more positive trends in the next report.