A Talented Workforce and the Rising Probability of a Recession Leave Florida's Small Businesses Feeling Uncertain
TALLAHASSEE, Fla. (July 22, 2019)— While Florida’s small businesses continue boosting the state’s economy, finding qualified workers to fill available jobs tops the list of issues keeping small business owners up at night, survey results from the Florida Chamber of Commerce’s Third Quarter Small Business Index Survey show.
“Florida’s small businesses continue to be concerned about being able to hire a talented workforce,” said Dr. Jerry Parrish, Chief Economist and Director of Research at the Florida Chamber Foundation. “Improving Florida’s talent pipeline for a better workforce will help ensure jobs have talented employees, and will help put workers on the path to prosperity – leading goals of Florida 2030, Florida’s next strategic plan.”
Concerns over a likely recession are also creating economic uncertainty among job creators, the survey shows. However, while Florida’s small businesses are cautious, the state’s economy is healthy and expanding. Florida is now the 18th most diversified economy in the country, and there are rising numbers of open jobs and a declining amount of people looking for jobs.
The Florida Chamber’s third quarterly statewide Small Business Index Survey shows small businesses are most concerned about:
1. Workforce Quality – 27%
2. Economic Uncertainty – 12%
3. Growth Management Process – 8%
4. Government Regulations – 7%
5. Healthcare Costs – 7%
Of Florida’s small businesses, 47 percent of respondents expect the economy to improve, down from 57 percent one year ago and 70 percent two years ago. They also felt that a positive indicator for businesses is that 24 percent of respondents thought it would be easier to get financing in the next six months, compared to 15 percent in last quarter’s survey.
“Florida's economy is dependent on the small business community, and the Florida Chamber’s Small Business Council remains committed to advocating on their behalf," said Glenda Hood, Chair of the Florida Chamber’s Small Business Council, and President, Hood Partners LLC.
About the Survey:
The Florida Chamber’s Small Business Index Survey was conducted electronically June 6 through July 5, 2019. Fifty-six of respondents employ less than five employees, while 32 percent employ five to 49 employees. Click HERE to view the full report.
Established in 1916 as Florida’s first statewide business advocacy organization, the Florida Chamber of Commerce is the voice of business and the state’s largest federation of employers, chambers of commerce and associations aggressively representing small and large businesses from every industry and every region. The Florida Chamber works within all branches of government to affect those changes set forth in the annual Florida Business Agenda, and which are seen as critical to secure Florida’s future. The Florida Chamber works closely with its Florida Political Operations and the Florida Chamber Foundation. Visit www.FloridaChamber.com for more information.