FOR IMMEDIATE RELEASE
January 10, 2024

Key Findings from York County’s Third Business Pulse
Surveying the Economic Landscape Uncovers Dynamics and Strategies

YORK COUNTY, SC – York County Economic Development (YCED) is pleased to present the findings of the third Business Pulse Survey, offering fresh insights into the economic conditions and the evolving business climate in the region. This semiannual survey, designed in alignment with the Business Trends and Outlook Survey (BTOS) by the Census Bureau, continues to serve as a valuable tool for local businesses and industries, providing essential benchmarks at local, regional, and national levels.

Key Highlights from the third Business Pulse Survey include:

Moderate Adjustment in Business Outlook: Local companies now assess their overall "State of Business" at an average of 6.4 out of 10, indicating a slight weakening compared to the previous survey. This reflects the ongoing adjustments businesses are making in response to the dynamic economic landscape.

Global Economy: With a new war in the Middle East, continuing war in Ukraine, and uncertainty surrounding the upcoming U.S. presidential election, concern for the global and U.S. economy is rising and negatively affecting local sentiments.

Revenue Realities: A notable 44% of surveyed companies report missing their revenue targets over the past six months, surpassing the national average of around 32%. The YCED survey focuses primarily on Manufacturing (NAICS 31-33) and Transportation/Warehouse operations (NAICS 48-49). Nationally, these sectors reported a higher average of missing revenue, 35% and 42% respectively, which aligns with York County’s results.

Tech and Automation Investments: To stay competitive in the evolving landscape, local companies are intensifying investments in technology and automation. A strategic move seen as essential for streamlining operations and enhancing overall productivity.

Wage and Benefit Plans: Fewer companies plan to increase wages and benefits in the coming months, indicating that many businesses have already implemented previously planned increases.

Staffing: On a positive note, 42% of local companies plan to increase their number of employees in the coming months as compared to only 15% nationally – a testament to a strong local economy.
Similar to previous surveys, the latest version targeted top officials heading manufacturing, distribution, corporate headquarters, and back-office operations in York County. The survey was distributed via email to 242 companies, achieving an 18% response rate. Conducted from mid-November to mid-December 2023, participants found the survey convenient, with an average completion time of 4 minutes.

As YCED continues its commitment to providing valuable data and analysis, the Business Pulse Survey is distributed on a semiannual basis, serving as a crucial resource for local manufacturing, distribution, and warehouse operations. In conjunction with the Business Pulse Survey, the Annual Wage & Benefit Survey, now in its seventh year, will continue to complement comprehensive data collection and reporting efforts.

For more information about the Business Pulse Survey or to access the complete survey results in a PDF format, please visit the link here.

About York County Economic Development:
York County Economic Development (YCED) is the lead organization responsible for recruiting businesses, retaining and growing existing firms, and promoting and marketing York County. YCED also assists in strategic initiatives across York County focused on product development, workforce development, infrastructure improvements, and quality of life.

Media Contact:
Caroline Floyd, Marketing Director, Caroline.Floyd@yorkcountygov.com

Data Clarification Questions:
Kelly Reddecliff, Research Manager, Kelly.Reddecliff@yorkcountygov.com

FAST FACTS (Key Takeaways):
• Moderate Adjustment in Business Outlook: Local companies rate their overall "State of Business" at an average of 6.4 (out of 10) on average.
• Global Economy: With a new war in the Middle East, continuing war in Ukraine, and uncertainty surrounding the upcoming U.S. election cycle, concern for the Global and U.S. economy is rising locally.
• Revenue Realities: 44% of respondents missed their revenue target, exceeding the national average.
• Heightened Concerns on Costs: Rising costs, especially in the areas of business and insurance/benefits, are increasingly concerning for local businesses.
• Tech and Automation Investments: Local companies plan to intensify investments in technology and automation to stay competitive.
• Wage and Benefit Plans: Fewer companies plan to increase wages and benefits, indicating previous planned increases have been enacted.
• Staffing: 42% of local companies plan to add new employees in the coming months compared to only 15% nationally.

FAST FACTS (Survey Distribution):
• Target Audience: Top local officials heading Manufacturing, Distribution, Corporate HQ, and Backoffice operations in York County.
• Distribution Method: Email distribution to 242 companies.
• Response Rate: 18% response rate.
• Survey Period: Mid-November to mid-December 2023.
• Completion Time: Average completion time of 4 minutes.
• Frequency: The Business Pulse Survey will continue on a semiannual basis.