Posts
Local Businesses Bullish on Summit County Economy
In an article in the Summit Daily News, prepared by Constance Jones, executive director of the Summit County Chamber of Commerce, she reported that a new, quarterly survey will be provided which will give local business owners and professionals data to compare our local economic trends to both state and national trends. This first report represents activity for the first quarter of 2006. The next report, coming out later in July, will cover the 2nd quarter of 2006.
Business Activity Comparisons 2005 - 2006: Summit County respondants were asked to rate their current level of business activity on a scale of 1 to 5, with 5 being the highest or strongest. Since 2.5 would represent the middle of the scale, readings above 2.5 would indicate favorable conditions. Summit County business owners and professionals rated their current level of activity at 3.31. On the same basis, they were asked to rate their activity versus the same period one year ago, and here the reading was 3.47. Looking forward over the next 12 months, they responded with an exuberant 4.21. Reading. So at least from the business perspective, locals are very bullish on the Summit County economy.
Local Price Trends: The Business Barometer survey also gathered information on local price trends. Almost 72 percent of the businesses responded that the prices paid for services and goods rose an average of 7 percent. About 27 percent said prices stayed the same. When asked about the prices they charge their customers, 58 percent said they kept the prices the same, and 34 percent said they raised their prices with the average being just below 6 percent. About 8 percent said the prices they charge their customers actually went down about 8 percent.
Top Concerns: When rating their top concerns for the area, the number one response was the high cost of living. The second most important was concern over the environment/lifestyle. Finding quality employees was the third most important, while transportation and traffic congestion tied for fourth.
