PC: Fox 11 Online
OSHKOSH, WI (WTAQ-WLUK) — The confidence levels of business leaders in the Oshkosh area are growing, according to a recent outlook survey.
The Oshkosh Chamber of Commerce released its findings Tuesday in its annual Business Outlook Survey.
At the beginning of 2023, business leaders said they were optimistic, despite facing ongoing labor and supply chain challenges.
This past year, employment remained strong. According to the Wisconsin Department of Workforce Development in December 2023, the unemployment rate for Oshkosh remains below the national unemployment rate of 3.5% at 2.4%. In April 2020, the Oshkosh unemployment rate was 14.3%. Oshkosh-based businesses employ more people than ever, and competition for workers remains strong. Local companies now employ 41,735 people in Oshkosh, up from 41,411 people last year. In 2023, Oshkosh experienced investment in commercial and industrial property of more than $57.3 million, compared to $44.4 million in 2022, with over $100 million of new development anticipated for 2024.
Coming into 2024, business leaders say they are focused on igniting the local economy and asserting their competitiveness. With interest rates anticipated to decline, and employment levels remaining strong, 2024 should include more growth and expansion as businesses continue to build their base, the survey says.
When asked for their forecasts for 2024:
- 70% believe that sales will outperform the previous year’s sales level.
- Overall, participating firms expect sales gains according to 57% of the reporting companies in the first quarter of 2024 compared to the previous quarter, while 30% anticipate no change.
- 51% of these companies expect sales increases in the first quarter of 2024 compared to the same quarter in 2023, while 23% anticipate no change.
- 57% of area CEOs expect to hire more people in 2024, while 35% anticipate employment levels to remain the same.
Business leaders report that finding qualified workers remains a challenge, with 47% indicating they have unfilled job openings. This is down from 55% in 2023, however. These employers further indicated that recruiting qualified job applicants remains a challenge, with 68% indicating 4 or fewer job applicants per job opening and 24% indicating there were no qualified candidates.
From a business climate perspective, 75% feel Wisconsin is heading in the right direction, up significantly from 42% in 2023. Only 34% indicated the U.S. is heading in the right direction regarding the business climate, but up from 31% in 2023.
Local CEOs stated that Wisconsin’s top public policy issues are the labor shortage/lack of qualified applicants, interest rates, and inflation. Local CEOs also said rising prices, leveraging technology, and a lack of affordable housing remain critical issues.
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