CHICAGO, Nov. 7, 2013 /PRNewswire/ -- The Cole Taylor
Business Owners Confidence Index survey for the second half of 2013
shows that Chicago-area mid-size
business owners and managers are seeing signs of progress in the
economic recovery on both a local and national level.
Of the business leaders responding to the survey, 85% saw the
U.S. economy in good or fair condition, while nearly 80% felt the
Chicago economy was in good or
fair condition. The levels of those who saw the economy in
poor condition were at their lowest level since the survey began in
the spring of 2012.
Nearly half (45%) reported higher sales volumes over the
previous quarter. More than 55% plan to expand their business in
the next twelve months, with 61% planning on doing so in
Illinois, up from 47% who reported
in the spring 2013 survey that they planned to expand in
Illinois. Staffing levels remained steady with 64% of
respondents saying they were keeping staffing levels flat in the
next quarter with 27% planning to add staff and only 9% planning
staff reductions.
However, respondents continued to criticize national and local
economic policy. U.S. economic policy was rated poor by 58%
of the business leaders while the state of Illinois' policies were rated poor by
85%. Locally, business leaders expect a flat economy over the
next three months, with 76% seeing no change in Chicago area economic conditions.
When asked if Illinois elected
officials should have term limits, 82% of the entrepreneurs
overwhelmingly favored amending the Illinois constitution to do so.
Regarding solutions to the state's ongoing pension crisis, 80%
favored reducing public worker pension benefits. Compared to
one year ago, fewer respondents support expanding casino gambling
and reducing state employee staffing levels as solutions.
Looking ahead to the 2014 Illinois gubernatorial election, 63%
of business owners are undecided, with only Bruce Rauner receiving double digit support
(11%) among the five leading candidates. Incidentally, Rauner
recommended Term Limit legislation.
When asked how likely it is that Illinois will follow Detroit in filing for bankruptcy, 41% thought
such a move is highly or somewhat likely while 54% thought it not
likely or highly unlikely.
Other highlights of the survey included:
- Nearly 20% of the respondents said they had considered selling
their business in the last six months.
- Forty percent of those who considered selling said they did so
because they either received an offer to sell or the value of their
business had risen, possibly as a result of an improving economy.
Another 40% said they considered selling due to retirement or lack
of succession.
- When asked what was the most critical skill needed for the next
generation of leaders, nearly 50% chose critical thinking, with
creativity a distant second (21%).
Mark A. Hoppe, President and CEO
of Cole Taylor Bank, in commenting
on the results said, "Signs that the economic recovery is gaining
ground is good news for all of us. I'm encouraged to hear that
local entrepreneurs see reassuring signs in the marketplace and
continue to make plans to expand their businesses, thus adding
further strength to the economy. Despite these positive indicators,
we continue to face a number of challenges, which is why it is
critically important that our local small- and mid-sized businesses
assume a leadership role in rebuilding the local economy and in
restoring faith in the fiscal condition of our state."
More results from the Cole Taylor Business Owners Confidence
Index can be found at
http://insight.coletaylor.com/boci-key-findings-fall-2013
About the Cole Taylor Business Owners Confidence
Index
The Cole Taylor Business Owners Confidence Index is
designed to gather feedback from Chicago area business leaders regarding their
attitudes and perceptions of the economy, both nationally and in
the local market. The semi-annual survey was conducted online
by Star Data Systems, Inc., from September
24, 2013, to October 11, 2013,
and included 250 decision makers from mid-sized businesses in the
Chicago area. Findings are
significant to a 95% confidence level with a margin of error of +/-
5%.
About Cole Taylor Bank
Cole Taylor Bank is a premier
commercial bank headquartered in Chicago with assets of $6.0 billion as of September 30, 2013, and is a wholly-owned
subsidiary of Taylor Capital Group. Inc. (NASDAQ: TAYC). For more
than 80 years, Cole Taylor Bank has
been successfully meeting the banking needs of closely-held
companies and the people who own and manage them by focusing on a
relationship-based approach to business. Through its national
businesses, Cole Taylor provides a
full range of financial services, including asset based lending,
commercial equipment financing, and residential mortgage
lending.
Visit www.coletaylor.com
SOURCE Cole Taylor Bank