York County Economic Development Reports Results of First Ever Business Pulse Survey
For Immediate Release:
January 6, 2023
YORK COUNTY, SC – York County Economic Development reported the results of the 2022 Business Pulse Survey today. This survey provides insights on current economic conditions as well as expectations about the future business climate, helping to provide local business and industry with useful comparisons locally, regionally and nationally.
Targeting top officials heading manufacturing, distribution, corporate headquarter and backoffice operations in York County, the survey was distributed to over 270 companies. The survey remained open during the month of November 2022 and yielded a 15% response rate.
While local companies expressed a cautious optimism, rating their “State of Business” at 7.4 (out of 10) on average, the majority of local companies reported that they either met or exceeded expected revenue flows in 2022.
Top local concerns included rising costs as well as the ability to find qualified workers. Moreover, the majority of local companies plan to stay competitive in the tight labor market by investing more in their employees.
While the majority of companies look to see things like supply chain challenges improve, they reported an expected decline in real profits looking forward. Concerns in the local business climate align with trends seen both regionally and nationally.
The Business Pulse Survey will be distributed on a semiannual bases moving forward. This survey, along with the Annual Wage & Benefit Survey, now in its fifth year, are provided as a service to local manufacturing, distribution and warehouse operations in the county. The comprehensive surveys have grown in recent years to include more detailed information as it relates to their specific purposes in data collection and reporting.
About York County Economic Development:
York County Economic Development (YCED) is the lead organization responsible for recruiting businesses, retaining and growing existing firms, and promoting and marketing York County. YCED also assists in strategic initiatives across York County that are focused on product development, workforce development, infrastructure improvements and quality of life.
Caroline Floyd, Marketing Director, Caroline.Floyd@yorkcountygov.com
Data Clarification Questions:
Kelly Reddecliff, Research Manager, Kelly.Reddecliff@yorkcountygov.com