Half of Oregon Mid-size & Small Businesses Surveyed Expect Overall Economic Conditions in the U.S. to Improve in the Next 12 Months
While businesses continue to face headwinds and some uncertainty with the pandemic, approximately half of Oregon businesses surveyed (49 percent) express optimism that overall economic conditions in the U.S. will improve, according to a new study from Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ).
The Umpqua Bank 2021 Business Barometer is an in-depth study into the mood, mindset and strategic priorities of nearly 1,200 leaders at small and middle market companies across the United States.
In large part, Oregon responses mirrored those of businesses nationally. A stunning 95 percent of Oregon businesses who responded anticipate digitizing new areas of their business to improve efficiency. Many Oregon business leaders say they are either very or somewhat likely to consider acquiring another business (48 percent) or increase their real estate footprint (42 percent), slightly above respondents nationally but lower than their Washington and California counterparts.
“Oregon businesses who weathered challenges of the past year are emerging more adaptable and more efficient, with a surprising number — 95 percent — planning to digitize even more new areas of their business to improve efficiency,” shared Mike Sventek, greater Oregon commercial banking market director at Umpqua Bank. “Two of the top challenges on Oregon business leaders’ minds are workforce and supply chain issues. Those with a positive outlook, renewed strategic focus and continued nimbleness are poised for success in the short- and long-term.”
Nearly all (98 percent) of Oregon businesses said they had dealt with supply chain issues in the past 12 months, as opposed to 88 percent nationally.
Western states also expect an increase in demand over the next 12 months, with 83 percent of Oregon business leaders saying so, compared with 66 percent in Washington and 63 percent in California. When asked about annual revenues and profitability, companies in the Western U.S. anticipated both to increase, trending more optimistic than the average responses nationwide.
Read the full Umpqua Bank 2021 Business Barometer here.
