York County Economic Development is pleased to present the findings of the third Business Pulse Survey, offering fresh insights into the economic conditions and the evolving business climate in the region. This semi-annual survey, designed in alignment with the Business Trends and Outlook Survey by the Census Bureau, continues to serve as a valuable tool for local businesses and industries, providing essential benchmarks at local, regional, and national levels.
Key highlights from the survey include:
- Moderate Adjustment in Business Outlook: Local companies now assess their overall “State of Business” at an average of 6.4 out of 10, indicating a slight weakening compared to the previous survey. This reflects the ongoing adjustments businesses are making in response to the dynamic economic landscape.
- Global Economy: With a new war in the Middle East, continuing war in Ukraine, and uncertainty surrounding the upcoming U.S. presidential election, concern for the global and U.S. economy is rising and negatively affecting local sentiments.
- Revenue Realities: A notable 44% of surveyed companies report missing their revenue targets over the past six months, surpassing the national average of around 32%. The YCED survey focuses primarily on Manufacturing (NAICS 31-33) and Transportation/Warehouse operations (NAICS 48-49). Nationally, these sectors reported a higher average of missing revenue, 35% and 42% respectively.
- Tech and Automation Investments: To stay competitive in the evolving landscape, local companies are intensifying investments in technology and automation. A strategic move seen as essential for streamlining operations and enhancing overall productivity.
- Wage and Benefit Plans: Fewer companies plan to increase wages and benefits in the coming months, indicating that many businesses have already implemented previously planned increases.
- Staffing: On a positive note, 42% of local companies plan to increase their number of employees in the coming months, compared to only 15% nationally – a testament to a strong local economy.
Similar to previous surveys, the latest version targeted top officials heading manufacturing, distribution, corporate headquarters, and back-office operations in York County. The survey was distributed via email to 242 companies, achieving an 18% response rate. Conducted from mid-November to mid-December 2023, participants found the survey convenient, with an average completion time of 4 minutes.
As YCED continues its commitment to providing valuable data and analysis, the Business Pulse Survey is distributed on a semiannual basis, serving as a crucial resource for local manufacturing, distribution, and warehouse operations. In conjunction with the Business Pulse Survey, the Annual Wage & Benefit Survey, now in its seventh year, will continue to complement comprehensive data collection and reporting efforts.
For more information about the Business Pulse Survey or to access the complete survey results in a PDF format, please visit the link here.
Copyright: York County Economic Development
