Salt Lake Chamber releases CEOutlook 2020-Q3 Executive Take on Utah’s Economic Future
SALT LAKE CITY, Utah (November 4, 2020) – Utah business executives show renewed confidence in economic outlook despite continued uncertainty emanating from the coronavirus, according to the Salt Lake Chamber’s CEOutlook survey for the third quarter of 2020. Respondents also noted positive expectations for Utah’s economy looking forward to the end of the year with greater adoption of remote work, including 80% expecting this structural change to endure. The findings were released today as part of the Salt Lake Chamber’s statewide economic survey of Utah business executives conducted in partnership with the Kem C. Gardner Policy Institute at the University of Utah.
The CEOutlook Confidence Index increased from 32.3 in 2020-Q2 to 57.3 for 2020-Q3, as executives view Utah’s low unemployment rate and strong economic diversity solidifying the overall foundation.
“Credit belongs to Utah businesses working through the coronavirus pandemic and proactively innovating around workforce, safety, production, and structure of enterprises throughout the state,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Entrepreneurs have strategically pivoted, and Utah has led the way in adapting and overcoming unexpected challenges, keeping our economy relatively strong and our unemployment rate among the lowest in the nation, with 38% of executives expecting to grow headcount in the next 12 months-up from 10% last quarter.”
According to the survey, optimism rebounded as government and businesses developed and plans and firms found their footing amid ever-changing challenges. Further, the expectations of businesses in Utah were converging back to industry-wide expectations, correlating to the jump in confidence for Utah. Moreover, respondents noted a productivity parity being close to what normal times would expect, demonstrating Utah businesses and employees are adapting and rising to this challenge.
“The CEOutlook Index rose a record 25 points in the third quarter immediately following a record fall in the second,” said Natalie Gochnour, Director of Kem C. Gardner Policy Institute and chief economist at the Salt Lake Chamber. “Seventy-two percent of respondents have had employees working remotely, and 77% of them said their employees’ productivity is about the same or better than when they were in the office. As the pandemic continues we are learning that the strategic response is not a sprint, but a marathon. It’s a test of endurance.”
The survey demonstrates the evolving nature of work and how employers and employees are changing their perceptions and execution of remote engagement. Executives also cite the need to plan for rapid uncertainty, monitor the political risk associated with the Presidential election, and use the slowdown as a vehicle for training and developing their workforce.
To view the full 2020-Q3 report and to learn more about the CEOutlook, visit slchamber.com/ceoutlook.
ABOUT THE SALT LAKE CHAMBER’S CEOUTLOOK
The Salt Lake Chamber’s CEOutlook is a statewide economic survey of Utah business executives. Modeled after other national business sentiment surveys, it provides a forward-looking view of the Utah economy. The Chamber partners with the Kem C. Gardner Policy Institute at the University of Utah to design, tabulate and analyze the survey. Fifty business executives from Utah’s fourteen major industries are asked 6-8 questions, depending on their responses, about their company and Utah’s economic performance. Respondents are selected by each industry’s contribution to the Utah economy. Panelists come from a range of firm sizes and locations within Utah.
ABOUT THE SALT LAKE CHAMBER
The Salt Lake Chamber is Utah’s largest and longest-standing business association. A statewide chamber of commerce with members in all 29 Utah counties, the Chamber represents the broad interests of the state’s 63,000-plus employers, which employ more than 1.4 million Utahns. This includes thousands of members and their employees. With roots that date back to 1887, the Chamber stands as the voice of business, supports its members’ success and champions community prosperity.
ABOUT THE KEM C. GARDNER POLICY INSTITUTE
The Kem C. Gardner Policy Institute serves Utah by preparing economic, demographic, and public policy research that helps the state prosper. We are Utah’s demographic experts, leaders on the Utah economy, and specialists in public policy and survey research. We are an honest broker of INFORMED RESEARCH, which guides INFORMED DISCUSSIONS, and leads to INFORMED DECISIONS™. For more information, please visit gardner.utah.edu or call 801-587-3717.