Chamber Releases Business Survey Results: 8/1/2017
Greenwich Chamber of Commerce Releases Results From Its 2017 Annual Survey of Business Attitudes
Greenwich Chamber of Commerce conducted its third annual Survey of Business and Economic Attitudes among members to gauge prevailing reactions and sentiments toward the current business climate. This survey was sent to approximately 1,200 Greenwich Chamber members.
The Survey results indicated that Greenwich businesses are reasonably optimistic about the local business environment. Biggest challenges for the business community were the following: difficulty in finding qualified personnel at affordable rates, continued concern about the State’s financial challenges and potential increases in taxes in response.
Other key results included the following:
The Survey results show a continuing optimistic outlook for the future of business growth in Greenwich. However, respondents repeated a more cautious outlook for the near term. Nevertheless, the Survey results still show that Greenwich remains a town where Chamber businesses can grow. While local businesses are experiencing and adapting to a range of adjustments in the local and State economy, Greenwich remains highly desirable in terms of its services and support.
The Chamber continues to build better communications between the business community, its constituents and Town Hall. It will continue to use the results of these yearly member surveys to guide these and other efforts in the future.
- 48% of respondents reported that current business conditions were better than 2016, a six percent decline; 18% reported that conditions were worse compared with 10% last year.
- 54% expect conditions next year (2018) to be better than this year (down from 61% in 2016); only 8% expect 2018 to be worse, no change.
- Impediments to business growth included: finding new clients (51%); finding skilled labor (31% vs. 27% in 2016); parking and traffic (25%); cost of real estate (24%); and regulations and permits (15%; down from 23% last year).
- Among respondents who do business in other towns, the support for business growth still ranks high in Greenwich. However, the demand for goods and services in Greenwich experienced a marked decrease (27% vs. 48% in 2016). The cost of real estate, difficulty in sourcing employees and the local regulatory environment were viewed worse in Greenwich as compared to other neighboring areas.
- As in previous surveys, Greenwich was viewed as providing good support for businesses when compared with other towns.
- The Town departments viewed most favorably were Police, Fire, Public Schools and Parks and Recreation.
- Businesses reported the most concern with local Planning and Zoning and Parking departments.