Providence Business News' semiannual Business Survey is now 8 years old, and while we would never tell our elected officials to write new laws based on its results, it wouldn't hurt them to take a peek at the results every six months.
This winter's survey indicates a return of the uncertainty that for so long held sway over the business community, but which seemed banished in the last few editions by strongly bullish sentiments.
It's not that business owners and managers in the region are not looking forward with slightly rose-colored glasses. They are, with more than 80 percent of respondents saying they expect their business to be better over the next year than it is today, the highest percentage in survey history.
And close to 50 percent of responding businesses reported employment levels today that are higher than in the last quarter (the survey was taken in January), also the highest percentage ever.
But after peaking a year ago, the percentage of companies expecting or considering buying capital equipment in the next quarter has fallen by roughly one-third. Similarly, the percentage of companies planning to expand their facilities in the next quarter has fallen in each survey over the last two years.
So what is the message that Ocean State leaders should take from this winter's Business Survey? It is not time to take the state's foot off the gas. What recovery there has been is not yet self-sustaining, and it won't be for a while. •