With the Great Recession and the uncertainty of three to four years ago behind us, the region’s businesses seem poised to make major leaps forward. At least that is what this winter’s edition of the PBN Business Survey reveals.
A record number of companies – nearly three-quarters of those responding to the survey – said that net income in 2014 was greater than in 2013. More than two-thirds of businesses said that they were either planning on buying or were considering buying capital equipment in the next quarter, also a record. Two-thirds of respondents believe the Rhode Island economy will improve slightly or significantly in the next 12 months, also a record.
It’s clear that those companies responding are on solid footing, with greater profits and confidence that more success is on the way. And yet, more work needs to be done, especially on the relationship between government and business.
As has been the case since we began the Business Survey in 2008, well more than half of respondents said that government must reduce the cost and red tape associated with doing business in the state. A majority are looking for tax incentives or credits, also at previous levels. What has more than doubled in the last five years, however, is the percentage of businesses that want to see the state do a better job preparing the workforce of tomorrow. You can’t succeed – or expand – if you can’t find workers who can do the job.
The region has turned a corner, of that there can be no doubt. But that shouldn’t stop us from making sure we continue to remove obstacles wherever they are. •