A recent survey revealed that Washington employers are feeling more optimistic about the economy, even as inflation and taxes remain significant concerns. The Fall 2024 Washington Employers Survey, conducted by the Association of Washington Business (AWB), gathered insights from over 500 employers across industries, shedding light on their outlook for the coming year.
In a notable shift, only 18% of respondents expect the state’s economy to enter a recession in the next year, compared to 35% in the fall 2023 survey. Additionally, 51% of employers predict business growth in the next six months, up from 46% last year. These results signal a more positive economic sentiment among Washington businesses.
Despite this optimism, many employers still face significant challenges. Half of the survey respondents identified inflation as their top concern, followed closely by government regulations and healthcare costs. Rising expenses remain a burden as 73% of employers reported higher energy costs over the past two years, and 32% said overall business costs have increased by 21%-30% since January 2021. Labor shortages also persist, with nearly 25% of employers reporting difficulty filling open positions.
Public policy priorities have remained consistent compared to last year’s survey, with 55% of employers ranking Washington’s overall tax burden as their most pressing issue. Concerns over homelessness, housing, public safety, and workforce development followed closely behind. AWB President Kris Johnson emphasized the need for supportive legislation, urging lawmakers to avoid imposing new taxes or burdens on businesses during the upcoming 2025 legislative session.
AWB’s membership includes major companies like Microsoft and Boeing, but 90% of its members are small businesses with fewer than 100 employees, and more than half employ 10 or fewer workers.
This post was based on information found on 425 Business.
