Issue link: https://nebusinessmedia.uberflip.com/i/617298
Worcester Business Journal www.wbjournal.com 2 016 Economic Forecast 5 2014 2016 What's the outlook? How will the economy fare in 2016 compared to 2015? 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 next year? By what percentage do you expect your employee base to grow next year? Up until this year, the portion of respondents who said the economy would decline never rose above 25 percent. is year, 32 percent said it would decline in the following 12 months. Businesses are a bit less bullish about the region's economy in 2016 than they were heading into 2015. Hiring expectations are the second highest in the last four years. e portion of respondents who expected significant growth doubled. n 32 percent of leaders said the economy would decline slightly or significantly in 2016, up from 21 percent last year. n Despite the concerns about the economy, 78 percent said their company's revenue will increase next year, compared to 80 percent who said the same for 2015. n 38 percent said they plan on hiring additional staff in 2016, compared to 44 percent who said the same for 2015. n Healthcare costs played a much larger role in the minds of respondents this year, as 22 percent said it would impede business growth, compared to 11 percent in 2014. Central Massachusetts business leaders are less optimistic about 2016 than they were about 2015, with more in our survey of nearly 100 business leaders holding off on major upgrades. 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% 2015 Improve significantly ..................... 5% Improve slightly ............................ 61% Decline slightly .............................. 20% Decline significantly .................... 12% Remain the same ............................ 2% Better 76% Worse 7% Not sure 16% 2015 2014 2015 2014 2013 2012 2014 2015 Yes 44% No 30% Don't know/ Too soon to tell 26% Yes 33% No 40% Don't know/ To soon to tell 27% Yes 31% No 39% Don't know/ To soon to tell 30% 1 to 3.9% 41% More than 10% 28% 4 to 6.9% 22% 7 to 9.9% 9% What stood out in the survey } 2013 2012 How concerned are you that you'll be able to find people with the right skills to do the job? We added this question starting in 2014's survey since some officials in Central Massachusetts cite a skills gap as a region-wide problem. Apparently, businesses agree; 85 percent of survey takers cite some level of concern over finding the right people. Improve significantly ..................... 8% Improve slightly ............................ 70% Decline slightly .............................. 16% Decline significantly ....................... 5% Remain the same ............................ 2% Better 74% Worse 13% Not sure 12% Yes 38% No 42% Don't know/ Too soon to tell 20% 1 to 3.9% 58% More than 10% 13% 4 to 6.9% 23% 7 to 9.9% 6% Very concerned 44% Mildly concerned 41% Not concerned 16%