Businesses in Benton Harbor and St. Joseph say they are growing and plan to expand in the next six to 12 months.
In the second Economic Gardening survey conducted by
Cornerstone Chamber of Commerce, 64 local businesses answered questions on hiring plans, new construction, equipment acquisition, and such things as timing and whether there are constraints to growth. Companies ranging from two months old to 78 years in business took part in the survey conducted in July and August.
More businesses said they are growing than in the first year of the survey, but fewer said their expansion plans were immediate. Many appeared to be waiting for the results of the Nov. 6 election before moving ahead with expansion plans.
Fully half of the surveyed companies plan to add workers, about a quarter will be adding new equipment, nearly as many are planning the addition of physical space, and others will either bring additional sites online or acquire other companies.
Two thirds of the local business community who responded say their individual business in particular is on an upward trend. Most of the rest are finding a flat trend. Only about half would characterize the trend within their industry sector in general experiencing that upward trend.
Of those who replied, 30 say they plan to introduce new services, 18 plan new products and eight are ready for additional sites to serve their customers or clientele.
The lack of a ready workforce and limited access to capital were the two biggest constraints to expansion identified in the survey.
"Many area companies are eager to grow, but are sitting on hold," says Cornerstone Executive Vice President Pat Moody.
Writer: Kathy Jennings, Second Wave Media
Source: Jamie Balkin, Cornerstone Alliance
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