Four years after the pandemic began, North Carolina businesses are feeling optimistic about the future, but many still face lingering COVID-era challenges such as supply chain issues and difficulty finding workers. The new data comes from a survey released Tuesday by the North Carolina Pandemic Recovery Office (NCPRO) and researchers at East Carolina University.
“This first survey is a valuable snapshot of what businesses face in our post-pandemic economy,” said NCPRO Executive Director Stephanie McGarrah. “As our research continues, we’ll be able to identify trends at the local and state level, so policymakers can make data-driven decisions about where to focus their attention and resources.”
Key findings
- Overall, recent business conditions remain unchanged. When asked about the overall health of their business, most respondents said there was no change (51.2%) compared to the previous quarter, with near equal improvement and decline among the rest (declined 27.4% and improved 21.4%).
- Businesses can’t shake some impacts of COVID-19. Among those who felt recent conditions had declined, most blame three factors: inflation, hiring challenges, and supply chain issues.
- Difficultly securing and moving goods. Supply chain issues and transport logistics were the top concerns when looking at all respondents across all industries.
- Optimism heading into 2024. Nearly half (47.3%) said they are optimistic about the near future, especially among the arts, entertainment, and recreation industry and in healthcare. Only 23.9% of businesses feel pessimistic about the future.
The North Carolina Business Engagement Survey analyzed responses from over 480 businesses in all 100 counties during the last quarter of 2023 (October, November, and December). Business leaders were asked to assess their recent progress and future economic outlook, as well as their perception of how conditions have improved or declined across several categories including workforce, technology, digital transformation, housing, childcare, infrastructure, supply chain, and financial needs. Data was compiled based on statewide trends and by industry and region. The full report includes deeper analysis organized by industry category and geographic region. Additional surveys will be administered on a quarterly basis to help measure changes over time.
“The results are encouraging, as many respondents indicate they are optimistic about the next two quarters,” says Jon Kirkchoff, Ph.D., Chair and Associate Professor of Supply Chain Management at the ECU College of Business. “Moving forward, this survey will also provide a tool to help us better understand the level of resilience of the North Carolina business environment.”
More businesses encouraged to join the survey
Business leaders, including managers, directors, CEOs, and presidents, who have not already received a survey via email are encouraged to join at ncpro.nc.gov/BusinessSurvey. The North Carolina Business Engagement Survey is funded by a federal grant from the U.S. Economic Development Administration.
Media contacts
Have questions about the survey, methodology, or the results? Please contact ECU researcher Jon Kirchoff, Ph.D. at kirchoffj@ecu.edu. Questions regarding NCPRO or pandemic recovery funds can be directed to NCPRO Communications Specialist Jessie Holmes at jessie.holmes@osbm.nc.gov.