The spring 2016 Sangamon County Economic Outlook Survey released by the Survey Research Office at the University of Illinois at Springfield (UIS) shows that business owners are concerned about the state's economic health.
The study examines the economic perceptions and expectations submitted in a survey of Sangamon County businesses owners and organization leaders. Results show that economic expectations have decreased slightly the past year across all economic sectors. More than a third of respondents (36 percent) expect to see a decline in the state of the economy in the next year, while 27 percent feel employment will decline and 25 percent feel revenues will decline.
More than half felt their own business sales would increase over the next year, and 45 percent felt the status of their business would improve during the same time frame. These results are slightly less optimistic than last year's.
Respondents were asked to identify the three biggest challenges for their business over the next 12 months from a list of pre-identified challenges. A majority (54 percent) stated that the state's government finances will be a key challenge. Employers also listed government regulations and taxation and consumer confidence as important challenges.
The survey is sponsored by the UIS Chancellor's Office, the UIS Center for State Policy and Leadership and The Greater Springfield Chamber of Commerce. For more information about the survey, visit www.uis.edu/surveyresearchoffice.