CEO of the Year 2023: Highlights From This Year’s Survey of Economic Conditions

The following is an overview of some of the key metrics that Central Ohio executives rated in our 2023 Survey of Economic Conditions. The survey, which was open to all local C-suite and cabinet-level executives, is adapted from the SMU Cox CEO Sentiment Survey. Responses reflect expectations for the next 12 months. All data comes from the Regionomics analysis. Numbers have been rounded.

REVENUES, COSTS AND PROFITS

Business revenue forecasts are better than those predicted for 2023. Sixty-one percent of business leaders expect revenues to increase in the coming year, compared with 46% in last year’s survey. Given the expectation of far lower inflation, this shift is even more significant. Expectations of cost increases have changed less than revenue forecasts. The 43% of respondents expecting at least a 5% increase in costs is identical to last year’s results, and those expecting stability in costs is not significantly different. Around one-third expect an increase in profits, almost identical to last year’s result. Those expecting a decrease amounted to 20%, less than last year but not significantly so.

STAFFING AND CHANGES IN SALARIES

Half of organizational leaders expect to increase their staffing level during 2024, a third expect no changes and 14% expect staffing to decline, almost identical to last year’s results. Expected salary increases are also not significantly different. Three-quarters plan to increase salaries and wages, 19% are expecting to hold pay steady, and virtually no respondents are planning a decrease.

Executives who took the survey also weighed in on their perceptions of inflation, and of diversity, equity and inclusion initiatives.

Bill LaFayette is the owner of economic consulting firm Regionomics, who creates and analyzes the survey of economic conditions for Columbus CEO.

This story is from the CEO of the Year package in the Winter 2024 issue of Columbus CEO.