Thursday members of the Salt Lake Chamber gathered at the Federal Reserve Salt Lake Branch to learn the results of the Salt Lake Chamber’s CEOutlook Q3 results.
The Salt Lake Chamber’s CEOutlook is a new statewide economic survey of Utah business executives. As an authoritative business survey on economic sentiment in Utah, this quarterly survey will provide a forward-looking view of the Utah economy. The results of the survey will help business and community leaders make informed decisions about likely future economic conditions.
“I am so thrilled about this new CEOutlook project,” said Lane Beattie, president and CEO of the Salt Lake Chamber. “Often we hear great statistics about Utah’s economy that are the outcome of decisions made by our business community. Making sure we present the business perspective on the future of the economy is critical context to these fundamental data points.”
While the survey is still in its pre-test phase, interesting trends are beginning to appear. According to the third-quarter CEOutlook report, 58% of executives believe the economy is somewhat or significantly better than just six months ago. This exceeded the expectations of 35% of executives who expected the economy to perform on the same level just six months ago. The study also shows Utah executives have a positive outlook about Utah’s future economy. An overwhelming majority of executives surveyed believe the economy will either hold steady, 51%, or be somewhat or significantly better, 45%, six months from now.
“Despite these positives, there are headwinds. Rising business costs, a tight labor supply, and a shortage of housing are creating growth challenges,” explained Natalie Gochnour, director of Kem C. Gardner Policy Institute and chief economist at the Salt Lake Chamber. “The consensus forecast of state economists predicts moderating – but still healthy – job and wage growth, low unemployment, and continuing net in-migration. CEOs echo this forecast with the majority expecting growth to continue steady or improve and profits to remain strong.”
These and other survey results will be tracked and compared to overall economic conditions to assess the predictive power of the CEOutlook. These responses will develop the Salt Lake Chamber’s CEOutlook Confidence Index. The first-ever CEOutlook Confidence Index will be released at the 2018 Economic Outlook and Policy Summit currently scheduled for January 16, 2018.
To view the full Q3 report and to learn more about the CEOutlook, go to: http://slchamber.com/ceoutlook/