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Bellevue Chamber News & Happenings: Bellevue Chamber News

Eastside Business Leader Outlook on the 2019 Economy

Thursday, November 15, 2018   (0 Comments)
Posted by: Ashley Clemmer
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November 15, 2018
Contact: Sara Garner, 425.213.1204
sgarner@bellevuechamber.org

Eastside Business Leader Outlook on the 2019 Economy
Bellevue Chamber Releases Economic Survey Results and Economic Strategy Guide

BELLEVUE – This year marks the 25th year the Bellevue Chamber of Commerce has tracked the economic outlook of business leaders. The complete results of this year’s survey were revealed at the 2019 Economic Forecast today and may be found in the Bellevue Chamber’s complimentary 2019 Eastside Economic Forecast Strategy Guide, available online at www.eastsideforecast.com. This survey of decision-makers on the Eastside gives us a sense of the current and future economic climate in our region. The majority of business leaders surveyed remain optimistic, with 58% of respondents saying that the Puget Sound economy will continue to expand in 2019. Overall, business leaders continue to be optimistic, albeit not at the levels seen year over year for the past several years.

BUSINESS PULSE ON LOCAL COMPANIES: JOBS AND REVENUE OUTLOOK

Drilling down to the individual company level, business owners and operators continue to be optimistic about their own companies when it comes to forecasting revenue in the next year, with 70% expecting that revenues will come in stronger than last year.

The workforce prediction is slightly less positive than last year, with 46% of survey respondents expecting to add employees to their company in 2019. The most job growth expected in relation to company size has shifted to companies of 51-99 employees.

Top areas of workforce expansion continued to be the same as last year and are:

  • Marketing and sales positions
  • Administration
  • Industry/Technical Specialists

WHAT ARE YOUR BIGGEST BUSINESS CHALLENGES?

Of the National Factors impacting the Business Leader Outlook the top four are:

#1 Cost of health care
#2 Federal legislation
#3 The global economy
#4 Cyber security threats and data breaches

Business leaders were also asked what state and local challenges impacted their business. The top four are:

#1 Transportation, infrastructure and congestion
#2 Employee health care costs
#3 Attracting and retaining employees
#4 Business taxation, regulation, and utilities rates

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The Bellevue Chamber accelerates tomorrow today, representing thousands of jobs in our community. Businesses range in size from sole proprietors to large corporations. The Chamber's mission is to foster a healthy business environment by providing strategic leadership, advocacy, tools, and resources for business success.

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