BUSINESS OUTLOOK RESULTS
Our Business Outlook Survey results were presented in partnership with the University of Minnesota Extension . Thank you to all those who participated in the 2024 Business Outlook Survey. Your contribution provides valuable insights to understand better both the positive aspects and challenges in our local business community. Knowing the specific concerns across different sectors is crucial for targeted support and identifying solutions. KEY TAKEAWAYS FROM THE 2024 BUSINESS OUTLOOK SURVEY: • Businesses are optimistic for 2025, more so than reported in last year's survey. Expectations around sales may be driving this optimism, with nearly 2 in every 3 businesses anticipating sales increasing in 2025. • Responding businesses are looking to make more capital investments in 2025 vs last year. • The increase in sales does not necessarily translate into hiring new positions. The majority of responding businesses plan to maintain staffing levels. • Retaining employees and employee costs remaining top of mind may be two factors that are driving businesses to be cautious about expanding employment. • The tourism industry has shown subtle signs of distress in 2024 and has heightened concerns for 2025. • Compared to other state, multi-state, and national surveys, Rochester businesses appear to be slightly more optimistic about business and sales in 2025.
As we navigate 2025, identifying challenges in hiring, employee costs, and customer sales is pivotal. This awareness equips the Rochester Area Chamber of Commerce and business community with the information to adapt and sustain success.
4 | ROCHESTER AREA CHAMBER OF COMMERCE ADVANTAGE MAGAZINE — APRIL 2025
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