Page 16 - March 2022 Issue.indd

Eastern Shore Results include:
Business Sentiment • Respondents in December were optimistic about
business conditions over the next 12 months, with 45%
Survey Results predicting better or much better conditions locally
and on the Eastern Shore, and 42% expecting better
By Debbie Bowden, Director Caroline conditions in Maryland and nationally. Only 19%
predicted worse or much worse conditions locally,
County Economic Development
though 29% saw conditions worsening statewide and

(This month, I want to share an article from Salisbury University nationally.
regarding the results of a Business Sentiment Survey. I hope

you find the information interesting). • Reflecting on their individual industry sectors,
respondents shared that conditions improved in the
Eastern Shore business owners and managers are optimistic past 12 months. However, they were cautious about
about the economic outlook over the next 12 months, though conditions in the next three-month period, with
their enthusiasm has waned over the past six months. increasing optimism for the next 12-month period.
These trends are among the findings of the Eastern Shore • Respondents indicated that COVID-19 had caused
Business Sentiment Survey conducted through a partnership new problems for businesses and has exacerbated
with Salisbury University’s Business Economic and Community existing problems, particularly related to workforce, a
Outreach Network (BEACON), SU’s Eastern Shore Regional response that reflects national trends.

GIS Cooperative (ESRGC), and many of the region’s economic

• Concerns about inflation have grown in the past six
and workforce development professionals.
months, overtaking supply chain issues. Labor force

“A business sentiment survey is an effective way to gauge the issues remain atop the list of barriers to both starting
health of the Eastern Shore economy,” said John Hickman, and expanding a business.
BEACON director. “When business leaders are optimistic,
Businesses remain supportive of the range of tools that economic
the economy is likely performing well. If survey respondents

development offices have deployed, ranging from long-term
are more pessimistic in their views, storm clouds could be
economic resiliency plans to workforce development programs,
gathering on the economic horizon.”
with 85-95% of respondents supporting the continuation of the

BEACON and its partners released the first survey in June 2021 programs aft er COVID-19.
and conducted a follow-up in December 2021.
“The most interesting outcome of the December survey

The survey included more than 50 questions, asking business is how quickly things change in business,” said Debbie
leaders to weigh in on a range of topics, from general business Bowden, Caroline County economic development director.
concerns to conditions in their own industries. Respondents “The responses confi rm what I am hearing about the impact

evaluated business conditions locally, regionally, in the state of inflationary pressures on current and future business

and nationwide for the coming year. They also shared views conditions. This just shows that we have to be agile with our

related to their specific industries and on issues from labor support for our county businesses.”

supply to regulations.

16