Despite overall positivity, Northwest business leaders worry about future growth

PULLMAN, Wash., May 22, 2018 /PRNewswire/ -- A new resource for business leaders and policy makers, Business in the Northwest 2018: Insights from the Carson College of Business, sheds light on the perceived health of the region and key issues impacting businesses and communities.

The inaugural report published by the Washington State University Carson College of Business reveals most Northwest business leaders feel the region is poised to take advantage of positive factors fueling economic prosperity, but some are also uncertain about the future growth potential of business in the region.

Issues ranging from traffic congestion and job loss from automation, to corporate taxes and talent retention, are top-of-mind factors perceived to be impacting the Northwest business environment.

"Understanding how business leaders feel about the climate today, how they are preparing for the future and what they need to succeed is critical when making business and policy decisions that will influence growth in the region," said Larry (Chip) Hunter, Carson College of Business dean. "Using research-based insights, we can work together to overcome barriers and drive success."

Key findings from the 2018 report include:

• Despite overall positivity, Northwest business leaders are worried about the future
• The business climate is perceived to be changing in a good way, with 9 in 10 regional business leaders reporting the climate has been steady or strengthening in the last three years.
• But nearly half (47 percent) are worried about the overall growth potential of business in the region.
• Government support is needed to solve community issues and drive business success
• When it comes to federal government support, the top three things business leaders say would benefit their company most are:
• Reduced corporate taxes (38 percent).
• Student loan programs (30 percent).
• Increased funding for transportation improvements (29 percent).
• Businesses are ready to create jobs, but they're having trouble finding and retaining talent
• 72 percent of business leaders report their company is in a position to create more jobs, but 60 percent are struggling to find qualified undergraduates from area universities when hiring.
• 76 percent are already partnering with a local university or college to identify candidates, but many feel they should be doing more, such as developing internship programs (27 percent) and ensuring students develop the right skillsets (24 percent).
• Corporate social responsibility (CSR) is growing in the Northwest, with medium-size businesses leading the way
• 57 percent of business leaders report their companies currently have CSR programs.
• 60 percent believe their employees prefer a clear corporate responsibility mission with measurable impacts on the community over a heavy focus on revenue and profit.
• Business leaders view the Northwest as a leader in innovation—but they don't see it as the "next big thing" the region will be known for
• When given a range of options, business leaders feel the "next big things" the Northwest will be known for are:
• Marijuana products and merchandize (34 percent).
• Being a good place to raise a family (30 percent).
• Technology-based innovations garnered less than a quarter of responses, including data security (22 percent), cloud data management (23 percent) and advanced technology development (25 percent).

To access the full complimentary report, visit business.wsu.edu/business-in-nw-2018.  

About the Carson College of Business
The Washington State University Carson College of Business is accredited across all business disciplines at the baccalaureate, masters and doctoral levels by the Association to Advance Collegiate Schools of Business. Faculty across disciplines produce scholarly and applied research at the main campus in Pullman as well as at urban campuses in Vancouver, Everett and the Tri-Cities. International activities include academic centers in China and Switzerland as well as thriving partnerships with several schools around the globe. Innovative online programs supplement face-to-face offerings.

SOURCE Washington State University Carson College of Business

Related Links

http://business.wsu.edu