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Charlotte Business Confidence Index Reflects Waning Optimism

Tuesday, July 5, 2011

Contact: Justine Gazzola
Phone: 704-336-2350
Cell: 704-315-3259
Email: jgazzola@charlottenc.gov

(Charlotte, N.C.)  -- The results of the third quarter Business Confidence Index survey released today show a diminished optimism for the upcoming 2011 third quarter as compared to the expectations at a similar point in time prior to the second quarter.  This waning optimism is reflected in a decline in all six of the Index values, including sales expectations and capital expenditure expectations.  
Charlotte-Mecklenburg business leaders responding to the survey do have some level of confidence with the local economy, but have a negative outlook on the national economic expectations, as noted by the National Economic Outlook score of 47.6, a 12.6 point drop from last quarter - the largest drop in the quarterly Index.  Only one quarter of the business leaders responding to the survey expect the national economy to improve in the third quarter, compared to the second quarter 2011. 
“When the Business Confidence Index was developed, we knew that there would be ups and downs, said Mayor Foxx.   The good news is that local leaders can use this information to adjust their approach and expectations for the coming quarter.  Business and job growth continues to be at the forefront of the City’s agenda.  This real-time report provides me and my Council colleagues’ important feedback from which we can review and evaluate our various programs and initiatives created to help local businesses,” he added.
The survey, administered quarterly by the Urban Institute at the University of North Carolina – Charlotte, produces real-time reports that reflect the economic climate in Charlotte and Mecklenburg County.  The results are another tool to help policymakers, businesses and job seekers determine which industries will be adding jobs or making investments over the upcoming quarter. In addition, the index will provide much needed data about the possible expansion or contraction of industries over time. 

Charlotte Business Confidence Index Contacts:
Dennis Marstall
Economic Development Program Manager
Neighborhood & Business Services
Steve Partridge
Manager, Charlotte Regional Economic Workforce Recovery Initiative
(704) 779-9640
Jonathan Kozar
Research Specialist
UNC Charlotte Urban Institute
Phone: 704-687-2681

About Advantage Carolina
The Advantage Carolina fund is designed to support the overall economic health of the Charlotte Region through support of initiatives in four key areas: economic development, regionalism, education and inner city development.
About BusinessFirst Charlotte
Created in 2006, BusinessFirst Charlotte is a partnership between the City of Charlotte and the Charlotte Chamber to maintain and grow existing businesses in Charlotte through comprehensive customer relationship management.
About the Charlotte-Mecklenburg Workforce Development Board (WDB)
The purpose of the WDB is to provide policy, planning and oversight for local workforce development programs and address workforce issues as identified by the community.