Business Climate Q4 & 2012 Survey Results
Click here for the full survey results!
Overview
The purpose of our Q4 and 2012 Greater Boston Business Climate Survey was to identify growth expectations and plans for hiring during the survey timeframe. The survey responses John Leonard collected from Greater Boston business leaders this past month illustrate a “cautious optimism.” Massachusetts, with one of the lowest unemployment rates in the country (7.3%), was recently reported to have surpassed the nation’s annual growth rate percentage by 1.4 percentage points by registering an enviable 3.9% AGR. This, and other encouraging economic news, might well be at the heart of the reasonably positive outlook toward the future of the local economy in evidence from our survey data. Despite somewhat buoyant expectations there is no doubt that many organizations across a broad range of industries took a major hit during the recession and some are still struggling to make the tough climb back to where they were in pre-recession years.
Take a look at the results and let us know where your expectations fall relative to your business peers.
Q: “Projections for improvements within one year by industry?”
Summary
When it comes to technology, we have come to count on change (and in this case, change equals improvement). Technology (47%) was viewed by respondents as having the greatest expectation for growth within the next 12 months. Pharmaceutical/Biotechnology (36%) was number two, followed by Online Media (34%), Financial Services (26%) and Legal Services (25%).
As mentioned previously, there have been recent reports which cite the local economy as one of the fastest-growing economies in the nation, with Boston considered to be one of the prime metropolitan areas for career-starters and career-changers.
Additionally, there seems to be increasing evidence that organizations across a broad range of industries are demonstrating a greater tendency toward fueling growth. In fact, the data suggests that organizations are beginning to hire, albeit slowly, for a wide range of skill sets and job categories.
Q: “Does your organization plan to hire in Q4 and/or 2012?”
Summary
Greater than 40% of employers surveyed claimed they plan to hire in Q4. More than 50% of respondents plan to hire in 2012. However, there remains a significant percentage still hesitant to hire based on lack of visibility as to what the New Year may mean for business stability and growth.
Q4 Hiring Expectations
- Forty-three percent of surveyors plan to hire in Q4 of this year; 21% are unsure.
Hiring Projections for Q4
2012 Hiring Expectations
- Fifty-one percent of surveyors plan to hire in 2012; 36% are unsure.
Hiring Projections for 2012 
The preceding graphs very clearly pose the question: Is the glass half empty or hall full?
On the one hand, the graphs above illustrate that roughly half of employers surveyed said they plan to hire in Q4 and in 2012. On the other hand, a similar number expressed some level of hesitancy in making hiring decisions. Comparing the green shaded areas it is noticeable that more individuals are unsure about hiring in 2012 as compared to Q4. Part of the reason for this may be that employers found it easier to anticipate hiring strategies for the next few months as opposed to projecting for the upcoming year.
The glass half full camp may see some positive encouragement from the fact that definitive “No’s” were only 13% for 2012 as compared to Q4’s 36%.
Click here for the full survey results!