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Eastside businesses leaders are eager to create new jobs and bring in more revenue, but an uncertain economic climate seems to be the biggest obstacle to business growth. These are the findings of a recent survey of Eastside business leaders conducted by the Bellevue Chamber of Commerce and revealed on Tuesday, November 15th at the Eastside Economic Forecast Breakfast held at the Hyatt Regency in Bellevue. Complete survey results along with key economic data and consumer trends may be found in the Bellevue Chamber’s 56-page 2012 Economic Forecast Strategy Guide.
The Bellevue Chamber has been tracking the economic outlook of business leaders for nearly 20 years. This year, in addition to the online survey, nearly 200 volunteers visited and surveyed businesses in six commercial districts as a part of the Bellevue Business Walk. Over 1,000 businesses were visited, and 700 businesses completed the Eastside Business Leader Survey generating the most expansive survey results to date.
In regard to employment predictions for 2012, many businesses expect to maintain or add to their employee base. 58% of survey respondents said they expect to add employees in the coming year, with 34% expecting to remain at the same staffing level. 47% of all respondents listed the economic climate as their biggest challenge. Another major challenge for Eastside business, at 18% of respondents, is marketing and visibility. Businesses are looking for the best ways to reach their clients in a world that is increasingly more connected yet much more diverse in the ways in which we communicate.
Joe Quinlan with Bank of America spoke on the global economic outlook. Quinlan forecasted a good 2012, noting that the private sector is the bright spot in the United States economy, proving to be resilient through the downtown. Globally, trouble spots are high unemployment and the debt crisis in Europe. He said opportunities for the US and Washington State center around developing more trade relationships with countries such as China and India and matching innovation with manufacturing.
In his remarks on the regional economy and employment trends, Chuck Temple with TIP Strategies said the occupational groups expected to add the most jobs are business/financial, sales, healthcare practitioners, and computer science. Talent development, retention, engagement, and attraction will continue to be critical for our region.