If asked about the current state of our local economy, how would you rate our health? Economic and business development is part of every great chamber’s efforts, and the Valdosta-Lowndes Chamber is no exception. “We ask our members every year, ‘How’s business?’” said Chamber president Myrna Ballard. “The 2014 survey results were mixed, but there are some optimistic indications.”

Local financial institutions collectively displayed confidence in the economy, with 82% of respondents rating it as average or better. 91% also believe that their own businesses are performing well. However, more than one-third (36%) of retail-based respondents believe the local economy is weak, with 82% indicating their businesses are performing below average. Results show that more than a quarter of those polled (26%) believe the local economy is “weak” or “very weak,” and only 1% selected the “very strong” rating.

“Our trends are consistent with national trends,” said Ballard. The National Federation of Independent Business (NFIB) tracked small business trends to find that only 9% believe it is a good time to expand. Reasons for supporting expansion included “economic conditions” and “sales prospects.” More than half (58%) of those polled, however, believe that the time is not right for expansion, with 16% citing the political climate as a factor.

“It is comforting to know that after Georgia led the nation in bank failures, 100% of our financial institutions participating in the survey viewed their institution as being at least average,” said Chamber Director of Economic Development, Varian Brown. “Even better, 91% viewed their institution to be strong. This shows that confidence is improving.” Year over year, survey results show a slight improvement in the outlook on both individual and collective business performance. “As we enter the holiday shopping season, we look forward to being the retail hub that we have been for so long,” said Brown. “We would like to encourage area residents to shop with our Chamber members and the many merchants who help move our local economy.” 

Mark your calendars for the 2015 Business Outlook Breakfast sponsored by Southeastern Federal Credit Union on February 19, 2015 and prepare to receive a more in-depth look at our local, state, and national economic outlook from an expert group of economists. For more information, please contact Varian Brown at the SEEDS Business Resource Center at (229) 247-8100 ext. 234.