Survey proves Georgia CEOs are more optimistic about the Georgia economy than national economy and project growth on the horizon
Atlanta, GA – Tuesday, March 7, 2023 – Today the Georgia Chamber of Commerce released the results from its inaugural CEO and Executive Insights survey which gathered insights from top Georgia executives and small business owners on their long-term business outlook and sentiment on top economic issues.
Nearly 1000 CEOs were asked to participate in the survey representing small, medium, and large businesses across the state of Georgia. 85% of respondents represent companies that are headquartered in Georgia. This survey conducted in January 2023 was developed in partnership with Deloitte Consulting LLP.
Overwhelming, respondents concurred about the strength of Georgia’s business climate. 60% of respondents are optimistic or very optimistic about the Georgia economy whereas only 32% of respondents felt the same about the U.S. economy. When digging deeper, 76% of CEO respondents shared they were optimistic or very optimistic about their business’ operations in Georgia. Over the next year, Georgia CEOs expect growth with 93% expecting an increase in capital expenditures, 83% expecting an increase in revenue, and 78% expecting an increase in full-time employment.
When asked about challenges, respondents ranked labor and skills shortage as the top issue among CEOs, more than triple any other option. 60% of respondents shared they are currently experiencing workforce shortages and 65% indicated they needed to increase their workforce in the location of their headquarters.
Over the next few years Georgia CEOs prioritized the following issues for long term economic prosperity:
- Addressing labor shortages and workforce development
- Lowering healthcare costs
- Improving College and Career Readiness
- Investing in Freight and Logistics infrastructure
- Pass legal reform and protect the regulatory environment
- Maintain consistency for business taxation, structure and competitive incentives
Other issues that ranked of top importance include housing and transportation. 67% of Georgia CEO respondents reported that affordable housing was the top issue affecting Georgia’s ability to attract, develop and maintain a competitive workforce. 70% of CEOs listed Transportation as one of the top infrastructure challenge affecting Georgia’s economic growth.
“Georgia has continued to experience a level of economic growth that outpaces many of our competitor states and the nation. Results from this survey illustrate that business leaders are optimistic about Georgia’s business climate and are committed to growing their Georgia operations,” said Chris Clark, President and CEO, of the Georgia Chamber of Commerce. “Our organization will utilize these insights to strategically engage on issues most important to business leaders to ensure economic success in the short and long-term.”
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