PBN's biannual business survey is an opportunity to take the pulse of the region's business leaders, and this summer's edition reveals an ever-strengthening of sentiment.
One of the reasons for that improvement is the fact that respondents to the survey – given to for-profit companies in PBN's Top List database – continue to see improvements in their net income. In fact, more than two-thirds of those answering the survey said the profits at their companies increased in the past year, even more than the portion that said so last summer.
Increasing profitability often leads to investment, and in this case, that assumption held true. More than three-quarters of respondents said that they either expected to or were considering adding to staff.
In addition to the bullish view on hiring, nearly two-thirds of those answering the questions said they would make, or were considering making, investments in capital equipment within the year.
Still, there is much work to be done. A large portion of the respondents still think Rhode Island is too costly and bureaucratic a place to do business. Many still look for incentives – although some think more across-the-board changes would have greater impact than targeted help. And interestingly, the percentage of respondents saying that health care costs increased the most among all cost increases has declined in this post-Affordable Care Act world.
The takeaway then is that many businesses in the region have found a healthy path. But public officials and business leaders should not feel we are out of the woods just yet. •