Workforce shortages will continue to be the biggest challenge for businesses that responded to the Fox Cities Chamber of Commerce annual survey.
More than 60% said finding talent is the largest challenge for succeeding in the Fox Valley, a response that has been nearly unchanged since 2019. At the same time, respondents said the work ethic of the workforce was cited as the most beneficial aspect of doing business in the Fox Valley. The cost of doing business and proximity to markets were also cited as benefits of running a business in the region.
About one-third expect to see an increase in staff in 2023 after almost 40% increased staff in 2022. About 41% expect wage increases to be 4 to 5% in 2023.
Despite the challenges, about half the businesses responding expect profits to be higher in 2023 and another one-third expect profits to remain the same.
Business leaders remain bullish on the area with more than 70% rating the area’s economic vitality as excellent/good. And 80% also rated the Fox Valley as and excellent/good place to do business. The survey consistently has shown more than 80% believe the Fox Valley is an excellent/good place to live.
Overall, 40% said they expect the Fox Valley’s economy to grow this year and 43% said they expect it to remain the same.
