Survey Results: 65 Percent of Local Business Leaders Say R.I. Economy Will Be in Better Shape in Next 12 Months
What’s the momentum behind Rhode Island’s local economy really like? To find out, we asked the more than 250 prominent business and civic leaders who attended our 18th annual Economic Outlook Breakfast, cohosted with Santander Bank on Monday.
After sharing his thoughts on the tremendous potential of Rhode Island’s economy, Mike Lee, managing director of Santander Commercial Banking, facilitated a real-time survey in which the attendees answered questions about the state of the local and national economy and the key issues facing their companies. We even got in a question about the Red Sox. Joining Mike to discuss regional business issues were Kelly Coates, president and chief operating officer for Carpionato Group; Maureen Boudreau, director of healthcare technology for Johnson & Johnson; and James Karam, president and founder of First Bristol Corporation.
Net-net, optimism about Providence and Rhode Island was the dominant theme.
What grabbed my attention was that:
Nearly 54 percent of you believe that the U.S. economy will be in better shape over the next 12 months, while 28 percent believe it will stay about the same.
Seventy-one percent of you believe your business is in better shape this year than last year, while 8 percent said it is in worse shape today.
Forty-two percent of you cited revenue and sales growth as the most challenging issues your businesses expect to face in the next year, while 28 percent noted talent shortage, 10 percent selected regulatory requirements and seven percent chose managing “big data” and cybersecurity.
Nearly 55 percent of you said that you will be hiring over the next year.
Forty percent of you indicated you will be hiring because current staffing levels cannot meet demand, while 26 percent of you selected projected sales growth, and another 25 percent noted you would be hiring because you need skills not possessed by your current staff.
When asked about your current workforce, you cited team building and group dynamics at 54 percent and technology skills at 39 percent as the top two areas that need development.
Oh, and last but not least: 55 percent said the Red Sox will not win the World Series. I’m sure there are some Yankees fans smiling at this!
My key takeaways from this breakfast? As confidence in the economy grows and Rhode Island secures more wins like Infosys and Johnson & Johnson, it’s important that the business and civic leaders represented at the breakfast this week continue to engage in meaningful conversations about Rhode Island. Together, we must stay focused on helping all Rhode Island companies thrive so that we maintain a competitive and attractive business climate for the long-term.
To hear more about what Rhode Island’s business leaders have to say about the state, read our blog post about the Providence: An Economic Recovery Story event we also hosted earlier this month.