The state and national economies are the top business concern for members of Wisconsin Manufacturers & Commerce, according to WMC’s latest survey.
The survey included responses from 208 employers that make up a representative sample of WMC’s membership.
Asked “what is the top business concern facing your company,” 36% of respondents said the state and national economy. Another 13% said the global economy. Health care costs was third at 11% followed by labor availability at 10% and supply chain at 9%.
Just over two-thirds of respondents rated the Wisconsin and U.S. economies as moderate. For Wisconsin 20% said its economy is strong and 12% said it is weak. For the national economy, 13% said it is strong and 19% said it is weak.
Respondent opinions diverged on the direction of the state and national economies with 63% saying the Wisconsin economy is headed in the wrong direction compared to 37% saying it is headed in the right direction.
For the national economy, 75% said the economy is headed in the right direction while 25% said things are moving in the wrong direction.
Asked for one thing state government could do to help their business, a plurality of respondents, 38%, said make health care more affordable. Another 23% said reduce or reform regulations and 21% said reduce taxes.
In addition to concerns about the economy, the survey found 52% of employers said they are having trouble hiring employees. That is the lowest level for that question since the winter of 2012. The percentage of employers struggling to hire peaked at 88% in the winter of 2022.
Despite concerns about the economy and a cooler labor market, the survey found 92% of WMC member businesses expect to be profitable over the next six months. Additionally, 86% of survey respondents said they have been profitable over the past six months.
