Issue link: https://nebusinessmedia.uberflip.com/i/469102
Worcester Business Journal www.wbjournal.com 2015 Economic Forecast 5 2013 2015 What's the outlook? How will the economy fare in 2015 compared to 2014? Do you think the Central Mass. economy is in better or worse condition than it was this time last year? Do you plan to hire additional staff in 2015? By what percentage do you expect your employee base to grow in 2015? As conditions improved over the second half of 2014, the optimism is carrying over into next year as 78 percent foresee better days ahead, up from 66 percent who answered this question a year ago. Businesses are a bit more bullish about the region's economy in 2015 than they were heading into 2014. Hiring expectations rebounded sharply this year as unemployment fell. For the most part, easy does it on the hiring front. n 76 percent say business conditions are better today than they were a year ago, up from 63 percent. n More revenue and profits! Eighty percent foresee more sales in 2015 (up slightly from 78 percent), while 77 percent see bottom-line increases (up from 73 percent). n 44 percent said they plan to hire more people in 2015, a big jump from 33 percent for 2014. n Only 11 percent said high health care costs are the biggest impediment to business growth in Massachusetts, down from 17 percent last year and 21 percent in 2011. There was more optimism among Central Massachusetts business leaders heading into 2014. There's even more as we head into 2015 after our survey of nearly 150 business leaders. Improve significantly ..................... 9% Improve slightly ............................ 57% Decline slightly ................................. 6% Decline significantly ....................... 4% Remain the same ......................... 24% Improve significantly ..................... 7% Improve slightly ............................ 50% Decline slightly .............................. 17% Decline significantly ....................... 6% Remain the same ......................... 20% Improve significantly ..................... 5% Improve slightly ............................ 49% Decline slightly .............................. 10% Decline significantly ....................... 4% Remain the same ......................... 31% 2014 Improve significantly ..................... 8% Improve slightly ............................ 70% Decline slightly .............................. 16% Decline significantly ....................... 5% Remain the same ............................ 2% Better 76% Better 63% Worse 7% Worse 17% Not sure 20% Not sure 16% 2014 2013 2014 2013 2012 2011 2013 2014 Yes 44% No 30% Don't know/ Too soon to tell 26% Yes 33% No 40% Don't know/ To oon to tell 27% Yes 31% No 39% Don't know/ To soon to tell 30% Yes 31% No 46% Don't know/ Too soon to tell 21% 1 to 3.9% 58% More than 10% 13% 4 to 6.9% 23% 7 to 9.9% 6% 1 to 3.9% 55% More than 10% 16% 4 to 6.9% 21% 7 to 9.9% 8% What stood out in the survey } 2012 2011 How concerned are you that you'll be able to find people with the right skills to do the job? We added this question in this year's survey since some officials in Central Massachusetts cite a "skills gap" as a region-wide problem. Apparently, businesses agree; more than four in five respondents cite some level of concern over finding the right people. Very concerned 29% Mildly concerned 52% Not concerned 18%