For Immediate Release: 
July 28, 2023

Second Business Pulse Survey Reveals Insights into
York County's Economic Outlook
Local Businesses Speak: Navigating Economic Shifts in York County
 

YORK COUNTY, SC – York County Economic Development (YCED) is pleased to announce the results of the second Business Pulse Survey, providing valuable insights into the current economic conditions and future business climate in the region. This semiannual survey, modeled after the Business Trends and Outlook Survey (BTOS) released by the Census Bureau, aims to offer local business and industry useful comparisons at the local, regional, and national levels.

Key Takeaways from the second Business Pulse Survey include: 
A subtle weakening of the business outlook in the local community. According to the survey results, local companies now rate their overall "State of Business" at an average of 7.1 out of 10, signaling a slight decrease in optimism compared to the previous survey.
While the majority of local companies continue to meet or exceed their expected revenues, there has been a notable increase in respondents who missed their revenue targets in the past six months. This trend highlights the importance of maintaining and building a strong customer base to navigate potential challenges.

To stay competitive and adapt to the changing business landscape, local companies are proactively investing more in technology and automation. Embracing innovation is seen as a crucial step to streamline processes and enhance productivity.
Despite the subtle concerns surrounding the business environment, the majority of local companies hold a positive outlook for the future. They expect business volume to improve in the coming months, showcasing resilience and confidence in their ability to navigate uncertainties. 

As the York County business landscape evolves, the survey findings provide an essential perspective on the economic climate and the challenges and opportunities local companies face. The survey results have become an invaluable resource for policymakers, empowering them to make informed decisions that benefit the entire community.

"The second Business Pulse Survey has once again proven to be of great value in providing insights into the dynamic economic landscape of York County," stated David Swenson, Director of York County Economic Development. "We remain dedicated to supporting our local industries and these survey results enable us to identify growth opportunities and effectively address potential challenges. Leveraging this information equips us with another tool to foster an environment conducive to economic prosperity and development."

Targeting top officials heading manufacturing, distribution, corporate headquarters, and backoffice operations in York County, the survey was thoughtfully distributed to 266 companies via email, yielding an impressive 19% response rate. The survey, which ran from mid-June to mid-July 2023, required an average completion time of only three minutes, making it convenient for busy executives to participate.

Moving forward, YCED remains dedicated to distributing the Business Pulse Survey on a semiannual basis, continuing to provide valuable data and analysis to local manufacturing, distribution, and warehouse operations. In addition to the Business Pulse Survey, the Annual Wage & Benefit Survey, now in its sixth year, will continue to complement the comprehensive data collection and reporting efforts.

For more information about the Business Pulse Survey or to access the complete survey results, 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 that are 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 (Survey Distribution):

• Target Audience: Top local officials heading Manufacturing, Distribution, Corporate HQ, and Backoffice operations in York County.
• Distribution Method: Email distribution to 266 companies.
• Response Rate: Impressive 19% response rate.
• Survey Period: Mid-June to mid-July 2023.
• Completion Time: Average completion time of 3 minutes.
• Frequency: The Business Pulse Survey will continue on a semiannual basis.

FAST FACTS (Key Takeaways) :

• Slight Weakening of Business Outlook: Local companies rate their overall "State of Business" at 7.1 (out of 10) on average.
• Meeting Revenue Expectations: The majority of local companies are meeting or exceeding expected revenues, but a higher number of respondents missed their revenue targets in the past six months.
• Investing in Technology and Automation: Local companies plan to stay competitive by investing more in technology and automation.
• Positive Business Volume Outlook: The majority of local companies expect business volume to improve in the coming months.

* These surveys along with other helpful resources are located on the resource center page of our website.