Survey Reveals Economic Outlook of Vermont Small- to Medium-Sized Businesses
WILLISTON, Vt., February 15, 2016 – Davis and Hodgdon Associates CPAs conducted its semi-annual economic survey in January regarding the outlook of Vermont’s small-to medium-sized businesses, which revealed that respondents have much less confidence in both the Vermont and U.S. economies than they did just six months ago, regardless of their scope of marketplace.
Overall more than half of respondents (54%) believe that the Vermont economy is declining as opposed to 37% previously just six months ago.
- 64% of businesses exclusive to Vermont believe the state’s economy is in decline (compared to 38% in the previous survey); 8% feel it is improving (compared to 19% previously) and 24% indicate there is no change.
- 51% of Vermont businesses doing business outside the state believe the state’s economy is declining (compared to 38% previously); 18% feel it is improving (17% previously), and 23% see no change.
While there is slightly more optimism within both groups when asked about the U.S. Economy, there is still significantly less confidence than that which was present in the July 2015 survey:
- 24% of Vermont businesses doing business exclusively within the state, believe the U.S. economy is improving (compared to 52% in July); while 36% believe it is declining (compared to only 15% in July).
- 38% of Vermont businesses, which also do business outside the state believe the U.S. economy is improving (compared to 57% in July); while 27% believe it is declining (compared to 17% in July).
What continues to be noteworthy within survey results is that even though 54% of respondents feel the economy is declining, the same percentage feel their sales will increase in 2016 (versus 65% expecting growth back in July). With that said, only 38% intend to increase hiring.
To view a summary of the complete survey details please visit: http://dh-cpa.com/client_media/files/pdf/Business-Economic-Survey_Jan2016.pdf
