Tuesday, October 26, 2021

Virginia Economic Outlook Index Back to Pre-COVID Level in Q3 2021; Employers Hesitant to Require Return to In-Person Work

CEOs expect sales, capital spending, and employment to increase over next 6 months

Each quarter the Virginia Council of CEOs (VACEOs) and University of Richmond’s Robins School of Business partner to take the pulse of top executives in the region through a comprehensive Virginia CEO Economic Outlook Survey. 

The third quarter 2021 CEO Economic Outlook survey finds that the Index is back to pre-COVID level and that employers are hesitant to require return to in-person work. Additionally, CEOs expect sales, capital spending, and employment to increase over next 6 months. 

Robins School of Business/VA Council of CEOs Economic Survey Historical Data

YEARQ1Q2Q3Q4
2021102.8094.6102.20
2020 -18.73*50.4365.2069.20
2019100.594.1386.33101.47
201894.6092.73104.3097.97
2017108.97* 103.6399.17106.30
2016102.0089.0089.67107.37
201593.9093.4299.8092.67
201486.0788.7196.1095.92
201386.4091.6092.5389.57
201294.1081.1381.1777.57
201185.6374.1781.1788.63
201081.3394.4792.27
*historic high/low

“These CEOs are expressing a pre-pandemic level of optimism. That is in spite of the significant headwinds of workforce challenges and supply chain disruptions” said Scot McRoberts, Executive Director of VACEOs. “That’s good news for all of us.”

“The survey results suggest that CEOs are optimistic about the next six months, particularly with respect to predicted sales and employment,” said Rich Boulger, Associate Dean at the Robins School. Boulger administers the survey and collects the responses each quarter. He adds, “The overall index has returned to the levels experienced for several quarters pre-COVID. Specifically, the index has increased from 94.6 to 102.2 this quarter.”

SUMMARY: SALES, CAPITAL SPENDING, HIRING

Nearly 70% of CEOs expect sales to increase over the next six months and many will not require a return to in-person work just yet. These were two data points of the latest quarterly CEO Economic Outlook Survey conducted by the University of Richmond’s Robins School of Business and the Virginia Council of CEOs.

The survey also found expectations over the next six months for sales, capital spending, and employment are positive compared with expectations at the end of Q2 2021

SALES EXPECTATIONS

More than half (68%) of CEOs indicated that they expect sales to increase over the next six months. 

  • 13% expected sales to be “significantly higher.”
  • 55% expected sales to be “higher.” 
  • 8% expected sales to be “lower.”
  • 2% expected sales to be “significantly lower.” 
  • 23% indicated they expected no change.

CAPITAL SPENDING EXPECTATIONS

  • 47% of CEOs expect capital spending to increase over the next six months (compared with 36% last quarter)
  • 8% expect capital spending to decrease.
  • 45% expect capital spending to remain flat.  

EMPLOYMENT EXPECTATIONS

  • 60% of respondent CEOs expect employment to increase over the next six months.
  • 38% expect employment to remain flat 
  • 2% expect employment to fall.  

Taken as a whole, the results pertaining to sales, capital spending and employment are positive producing a slight increase in the economic outlook (102.2 versus 94.6) relative to the results from the end of Q2 2021.  

WILL EMPLOYEES BE REQUIRED TO RETURN TO WORK? 

The survey asked CEOs to also express their plans, if any, to require employees to return to work in-person if they had worked in-person prior to the pandemic. Their response regarding returning to in-person work was as follows:

  • Yes (will require those in-person pre-COVID to return to in-person): 24%
  • No (will NOT require those in-person pre-COVID to return to in-person): 45%
  • Unclear at this time: 31%

Additionally, CEOs were asked what percentage of your workforce will be working remotely relative to pre-COVID.  Their response was as follows:

  • A higher percentage will be working remotely: 32%
  • No change in the percentage working remotely: 47%
  • A lower percentage will be working remotely: 21%

SURVEY SAMPLE

  • 53 CEOs responded to the survey, which was administered October 5–11, 2021 
  • Multiple industries are represented in the sample, although services, retail and construction represented the majority of the respondents
  • The average company revenue (most recent 12-month period): $16 million
  • The average employment count: 80

The following survey results show projections for the next six months for sales, capital spending, and employment.

Robins School of Business/VA Council of CEOs Q3 2021 Economic Survey Results

About the Economic Survey

The Robins School and VACEOs jointly conduct the quarterly survey, which regularly asks about expectations for sales, capital spending and employment, plus other relevant issues, helping Virginia companies anticipate business conditions and plan for growth. 

The Robins School adapted the survey from the Business Roundtable, an association of CEOs of American companies that conducts a similar survey nationally. Rich Boulger, associate dean at the Robins School, administers the survey and collects the responses each quarter. The survey has been administered quarterly since 2010.


About Virginia Council of CEOs (VACEOs)

Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.

About Robins School of Business

The Robins School of Business is the only fully-accredited, highly-ranked undergraduate business school that also is part of a highly-ranked liberal arts university. U.S. News ranks the Robins School’s MBA program #2 in Virginia. The school’s executive education division offers customized training and consulting to a wide variety of businesses.

Posted by Staff at 3:14 pm
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Monday, August 16, 2021

Virginia Economic Outlook Index Down Slightly in Q2 2021, Employers Hesitant to Require Vaccine

CEOs expect sales and employment to increase over the next six months with capital spending flat. 

Each quarter the Virginia Council of CEOs (VACEOs) and University of Richmond’s Robins School of Business partner to take the pulse of top executives in the region through a comprehensive Virginia CEO Economic Outlook Survey. 

The second quarter 2021 CEO Economic Outlook survey finds that expectations over the next six months for sales and employment are positive with capital spending remaining flat compared with expectations at the end of Q1 2021.  

Taken as a whole, the results pertaining to sales, capital spending, and employment are still positive but produce a slight reduction in the economic outlook (94.6 versus 103.0) relative to the results from the end of Q1 2021.  

Robins School of Business/VA Council of CEOs Economic Survey Historical Data

YEARQ1Q2Q3Q4
2021102.8094.6
2020 -18.73*50.4365.2069.20
2019100.594.1386.33101.47
201894.6092.73104.3097.97
2017108.97* 103.6399.17106.30
2016102.0089.0089.67107.37
201593.9093.4299.8092.67
201486.0788.7196.1095.92
201386.4091.6092.5389.57
201294.1081.1381.1777.57
201185.6374.1781.1788.63
201081.3394.4792.27
*historic high/low

Says Scot McRoberts, executive director of the Virginia Council of CEOs, “The remarkable thing to me in this survey is that 60% of the CEOs reported that their businesses were stronger than pre-pandemic. This syncs with the observation that the pandemic hit hardest in narrow verticals. The slight dip in the index may be related to recent news of a Covid surge, along with ongoing workforce shortages. I see continuing optimism among the small and mid-sized business CEOs with whom I work.”

“The survey results suggest that CEOs remain optimistic about the next six months, although they do not expect as much growth as they did a quarter ago. This is likely due to the fact that they have experienced significant growth over the last quarter and are basing growth projections on a higher base,” said Rich Boulger, associate dean at the Robins School.

CEOs WEIGH IN ON REQUIRING VACCINATIONS AND IMPACT ON PANDEMIC ON OVERALL BUSINESS IMPACT

In addition to the survey questions regarding sales, capital spending, and employment, the survey asked CEOs to express their plans, if any, with regard to requiring employees to be vaccinated for COVID-19 in order to work in person. Their response regarding required vaccinations was as follows:

  • Yes (will require vaccination): 10%
  • No (will NOT require vaccination): 63%
  • Unclear at this time whether vaccination will be required: 27%

Additionally, CEOs were asked what the overall impact was on their business over the timeframe of the pandemic. Their response was as follows:

  • The business is stronger than pre-pandemic: 60%
  • The business is weaker than pre-pandemic: 16%
  • The business is unchanged relative to pre-pandemic: 24%

EXECUTIVE SUMMARY: SALES, CAPITAL SPENDING, HIRING

To summarize, CEOs predictions over the next six months include:

SALES EXPECTATIONS

  • 68 percent expect an increase in sales 
  • 7 percent expected sales to be “lower”

CAPITAL SPENDING EXPECTATIONS

  • 36 percent of respondents expect capital spending to increase (compared to 44 percent last quarter)
  • 12 percent expect capital spending to decrease
  • 52 percent expect capital spending to remain flat

EMPLOYMENT EXPECTATIONS

  • 59 precent expect employment to increase
  • 7 percent expect employment to fall
  • 34 percent expect employment to remain flat

SURVEY SAMPLE

  • 59 CEOs responded to the survey, which was administered July 12 – July 16, 2021 
  • Multiple industries are represented in the sample although services and construction represented the majority of the respondents. 
  • The average company revenue (most recent 12-month period): $18 million
  • The average employment count: 80

The following survey results from the first quarter of 2021 and the second quarter of 2021 show projections for the next six months for sales, capital spending, and employment.

  • The average company revenue (most recent 12-month period): $18 million
  • The average employment count: 80

The following survey results from the first quarter of 2021 and the second quarter of 2021 show projections for the next six months for sales, capital spending, and employment.

Robins School of Business/VA Council of CEOs Q2 2021 Economic Survey Results

About the Economic Survey

The Robins School and VACEOs jointly conduct the quarterly survey, which regularly asks about expectations for sales, capital spending and employment, plus other relevant issues, helping Virginia companies anticipate business conditions and plan for growth. 

The Robins School adapted the survey from the Business Roundtable, an association of CEOs of American companies that conducts a similar survey nationally. Rich Boulger, associate dean at the Robins School, administers the survey and collects the responses each quarter. The survey has been administered quarterly since 2010.


About Virginia Council of CEOs (VACEOs)

Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.

About Robins School of Business

The Robins School of Business is the only fully-accredited, highly-ranked undergraduate business school that also is part of a highly-ranked liberal arts university. U.S. News ranks the Robins School’s MBA program #2 in Virginia. The school’s executive education division offers customized training and consulting to a wide variety of businesses.

Posted by Staff at 4:25 pm
Labels: ,
Tuesday, April 27, 2021

VA Economic Outlook Improves Significantly in Q1, Approaches Pre-pandemic Level

“The federal stimulus has certainly done its job. The main challenge for these CEOs now is acquiring the workforce to support this rapid recovery and growth.”

Scot McRoberts, executive director, VA Council of CEOs

Each quarter the Virginia Council of CEOs (VACEOs) and University of Richmond’s Robins School of Business partner to take the pulse of top executives in the region through a comprehensive Virginia CEO Economic Outlook Survey.

The first quarter 2021 CEO Economic Outlook survey finds that expectations over the next six months for sales, capital spending, and employment all improved compared with expectations at the end of Q4 2020. 

VA Council of CEOs and Robins School of Business Historical Index Report

YEARQ1Q2Q3Q4
2021102.80
2020 -18.73*50.4365.2069.20
2019100.594.1386.33101.47
201894.6092.73104.3097.97
2017108.97* 103.6399.17106.30
2016102.0089.0089.67107.37
201593.9093.4299.8092.67
201486.0788.7196.1095.92
201386.4091.6092.5389.57
201294.1081.1381.1777.57
201185.6374.1781.1788.63
201081.3394.4792.27
*historic high/low
VACEOs Economic Outlook Graph by Quarter

Says Scot McRoberts, executive director of the Virginia Council of CEOs, “The sharp V-shape of the data is consistent with what I am seeing in the small and mid-sized businesses with whom we work.” Adding, “The federal stimulus has certainly done its job. The main challenge for these CEOs now is acquiring the workforce to support this rapid recovery and growth.”

“The survey results suggest that CEOs are very optimistic about the next six months,” said Rich Boulger, associate dean at the Robins School. Boulger administers the survey and collects the responses each quarter. He adds, “The index has risen significantly (103.0% versus 69.2% last quarter). This increase returns the index to the pre-pandemic level of hovering around 100 since early 2017.”

EXECUTIVE SUMMARY: SALES, CAPITAL SPENDING, HIRING, AND VACCINATIONS


Taken as a whole, the results pertaining to sales, capital spending, and employment produce a significant improvement in economic outlook over results from the end of Q4 2020.  

In addition to the survey questions regarding sales, capital spending, and employment, the survey asked CEOs to express their plans, if any, with regard to requiring employees to be vaccinated for COVID-19 prior to returning to work in person now or in the future. Their response regarding required vaccinations was as follows:

  • Yes (will require vaccination): 8%
  • No (will NOT require vaccination): 61%
  • Unclear at this time whether vaccination will be required: 31%

Additionally, CEOs were asked what aspects of current business protocols (working from home, virtual meetings, hiring without in-person interviews) they see continuing post pandemic in a way that is advantageous to their business.

Many indicated that the flexibility to conduct internal and client meetings virtually was both a time saver and resulted in economic savings and will likely continue. A few indicated new benefits such as “leveling the playing field” against larger competitors with deeper pockets as well as being able to attract talent that may not live in the Richmond area. One CEO mentioned that there was a concern that it was becoming more difficult to maintain a common company culture with remote work.

To summarize, CEOs predictions over the next six months include:

SALES EXPECTATIONS

  • 72 percent expect an increase in sales 
  • 5 percent expected sales to be “lower”
  • 21 percent expect no change

REVENUE (compared to pre-COVID expectations)

  • 33 percent reported reported Q1 2021 revenue as “much better than expected”
  • 10 percent reported Q1 2021 revenue as “much worse than expected”
  • 57 percent reporting revenue “about as expected”

CAPITAL SPENDING EXPECTATIONS

  • 44 percent expect capital spending to increase (compared with 25% last quarter)
  • 11 percent expect capital spending to decrease
  • 44 percent expect capital spending to remain flat  

EMPLOYMENT EXPECTATIONS

  • 64 percent expect employment to increase
  • 33 precent expect employment to remain flat
  • 3 percent expect employment to fall  

SURVEY SAMPLE

  • 61 CEOs responded to the survey, which was administered April 8-15, 2021 
  • Multiple industries are represented in the sample, including professional services, health care, information technology, and finance
  • The average company revenue (most recent 12-month period): $18 million
  • The average employment count: 71

The following survey results from the last quarter of 2020 and the first quarter of 2021 show projections for the next six months for sales, capital spending, and employment.

VA Council of CEOs and Robins School of Business Q1 2021 Outlook Survey


ABOUT THE ECONOMIC SURVEY

The Robins School and VACEOs jointly conduct the quarterly survey, which regularly asks about expectations for sales, capital spending and employment, plus other relevant issues, helping Virginia companies anticipate business conditions and plan for growth. 

The Robins School adapted the survey from the Business Roundtable, an association of CEOs of American companies that conducts a similar survey nationally. Rich Boulger, associate dean at the Robins School, administers the survey and collects the responses each quarter. The survey has been administered quarterly since 2010.


About Virginia Council of CEOs (VACEOs)

Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.

About Robins School of Business

The Robins School of Business is the only fully-accredited, highly-ranked undergraduate business school that also is part of a highly-ranked liberal arts university. U.S. News ranks the Robins School’s MBA program #2 in Virginia. The school’s executive education division offers customized training and consulting to a wide variety of businesses.



Posted by Staff at 9:36 am
Tuesday, February 2, 2021

Economic Report: Survey Results Continues to Improve During Q4

CEOs Share Expectations About Timing of Returning to ‘Normal’ Business Practices


Read Richmond Times-Dispatch coverage >

Read Virginian-Pilot coverage >

 

Each quarter the Virginia Council of CEOs (VACEOs) and University of Richmond’s Robins School of Business partner to take the pulse of top executives in the region through a comprehensive Virginia CEO Economic Outlook Survey.

The fourth quarter 2020 CEO Economic Outlook survey finds that expectations over the next six months for capital spending and employment improved compared with expectations at the end of Q3, while expectations of sales growth decreased somewhat on a percentage basis.

Economic Index Historical Data (Jan 2021)

YearQuarter 1Quarter 2Quarter 3Quarter 4
202050.4365.2069.2
2020 (May 27)26.2
2020 (April 27)-1.33
2020-18.73 (historic low)
2019100.594.1386.33101.47
201894.6092.73104.3097.97
2017108.97 (historic high)103.6399.17106.3
2016102.0089.0089.67107.37
201593.9093.4299.8092.67
201486.07

88.7196.1095.92
201386.4091.6092.5389.57
201294.1081.1381.1777.57
201185.6374.1781.1788.63
201081.3394.4792.27

Says Scot McRoberts, executive director of the Virginia Council of CEOs, “CEOs responded to this survey in the week following the attack on the U.S. Capitol, and as news broke that Virginia’s vaccine rollout was moving more slowly than expected.” Adding, “The index from this survey is still five points lower than at any point in the ten years before the pandemic. The CEOs I know are working hard to overcome in these challenging times and to save jobs, but most anticipate that the next six months will continue to be difficult.”

“The survey results suggest a continued positive outlook over the next six months,” said Rich Boulger, associate dean at the Robins School. Boulger administers the survey and collects the responses each quarter. He adds, “The index, which consists of an average of Virginia Council of CEO members’ expectations with respect to sales, capital spending, and employment, continues to rise slightly (69.2 versus 65.2 last quarter) at this difficult time. Although the incremental increase is not large, it reflects an ongoing positive sentiment.”

EXECUTIVE SUMMARY: SALES, CAPITAL SPENDING, HIRING,  AND MORE

Taken as a whole, the results pertaining to sales, capital spending, and employment produce a small improvement in economic outlook over results from the end of Q3.

In addition to the survey questions regarding sales, capital spending and employment, the survey asked CEOs to express their expectations with regard to the timing of returning to “normal” business practices such as no need for masks, working largely in person, …  their responses were as follows:

Summer 2021 – 17 percent
Late 2021 – 43 percent
Sometime in 2022 – 29 percent
No expectation to return to “Normal” – 10 percent

Additionally, CEOs were asked what aspects of our current business protocols (working from home, Zoom meetings, hiring without in person meetings, …) do they see continuing post pandemic.  The overwhelming responses were a continuation of working from home for some workers/types of work and the use of Zoom or similar technology for what had previously required in person meetings.

“The variation in expectations for a return to normal highlights the continued uncertainty surrounding the pandemic and its impact on businesses,” said Mickey Quiñones, dean of the Robins School. “It is interesting that some of the adaptations that have become widespread, such as Zoom meetings, will likely continue to influence the way we conduct business well into the future.”

To summarize, CEOs predictions over the next six months include:

SALES EXPECTATIONS

  • 46 percent expect an increase in sales
  • 23 percent expected sales to be “Lower”
  • 27 percent indicated they expected no change

REVENUE

  • 33 percent reported Q4 revenue as “much better than expected” (compared to expectations at end of Q1)
  • 25 percent reported Q4 revenue as “much worse than expected”
  • 42 percent reporting revenue “about as expected”

CAPITAL SPENDING EXPECTATIONS

  • 26 percent of respondents expect capital spending to decrease (compared to 36 percent last quarter)
  • 24 percent expect capital spending to increase
  • 49 percent expect capital spending to remain flat

EMPLOYMENT EXPECTATIONS

  • 36 percent expect employment to remain flat
  • 52 precent expect employment to increase
  • 12 percent expect employment to fall

SURVEY SAMPLE

  • 70 CEOs responded to the survey, which was administered January 11 – 15, 2020
  • Multiple industries are represented in the sample, including construction, manufacturing, finance and insurance and retail
  • The average company revenue (most recent 12-month period): $14.4 million
  • The average employment count: 388

The data for the last four years/sixteen quarters is depicted graphically below.  As can be seen, the index has hovered around a value of 100 from 2017 to 2019 prior to the pandemic. After a plunge in Q1 2020, it has rebounded to values in the sixties with a slight positive trend. 

 


ABOUT THE ECONOMIC SURVEY

The Robins School and VACEOs jointly conduct the quarterly survey, which regularly asks about expectations for sales, capital spending and employment, plus other relevant issues, helping Virginia companies anticipate business conditions and plan for growth.

The Robins School adapted the survey from the Business Roundtable, an association of CEOs of American companies that conducts a similar survey nationally. Rich Boulger, associate dean at the Robins School, administers the survey and collects the responses each quarter. The survey has been administered quarterly since 2010.

ABOUT VIRGINIA COUNCIL OF CEOs

Virginia Council of CEOs is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, Member benefits include placement in a peer roundtable group and access to a thought leader network and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each Member. Learn more at www.vaceos.org.

ABOUT ROBINS SCHOOL OF BUSINESS

The Robins School of Business is the only fully accredited, highly ranked undergraduate business school that also is part of a highly ranked liberal arts university. U.S. News ranks the Robins School’s MBA program #2 in Virginia. The school’s executive education division offers customized training and consulting to a wide variety of businesses.

Posted by Staff at 10:24 am
Monday, October 19, 2020

Virginia Economic Outlook Continues to Improve During Q3

Each quarter the Virginia Council of CEOs (VACEOs) and University of Richmond’s Robins School of Business partner to take the pulse of top executives in the region through a comprehensive Virginia CEO Economic Outlook Survey. 

The third quarter 2020 CEO Economic Outlook survey finds that expectations over the next six months for sales and employment all improved compared with expectations at the end of Q2 while expectations of capital spending decreased somewhat.

Read Richmond Times-Dispatch coverage >

Economic Index Historical Data (OCT 2020)

YearQuarter 1Quarter 2Quarter 3Quarter 4
202050.4365.20
2020 (May 27)26.2
2020 (April 27)-1.33
2020-18.73 (historic low)
2019100.594.1386.33101.47
201894.6092.73104.3097.97
2017108.97 (historic high)103.6399.17106.3
2016102.0089.0089.67107.37
201593.9093.4299.8092.67
201486.07

88.7196.1095.92
201386.4091.6092.5389.57
201294.1081.1381.1777.57
201185.6374.1781.1788.63
201081.3394.4792.27

Says Scot McRoberts, executive director of the Virginia Council of CEOs, “The data reflects what I am hearing from small business CEOs. The pace of recovery is slowing. The lack of another round of stimulus from Congress seem to be a contributor, along with the crippling effects of the pandemic on certain sectors of the economy.”

“The survey results continue to suggest a positive outlook over the next six months,” said Rich Boulger, associate dean at the Robins School. Boulger administers the survey and collects the responses each quarter. He adds, “The Index, which consists of an average of Virginia Council of CEO members expectations with respect to sales, capital spending and employment, continues to rise (65.2 versus 50.4 last quarter) at this difficult time.”

“The economic climate appears to have settled into a steady growth scenario, which should aid business leaders in making decisions going forward,” said Mickey Quiñones, dean of the Robins School. “However, with uncertainties surrounding the pandemic and future government stimulus, we are clearly not out of the woods yet.”

EXECUTIVE SUMMARY: SALES, CAPITAL SPENDING, HIRING

The 2020 third quarter survey found that, taken as a whole, the results pertaining to sales, capital spending, and employment produce an improvement in economic outlook over results from the end of Q2. To summarize, CEOs predictions over the next six months include:

SALES EXPECTATIONS

  • 61 percent expect an increase in sales 
  • 23 percent expected sales to be “Lower”

 

CAPITAL SPENDING EXPECTATIONS

  • 25 percent of respondents expect capital spending to decrease
  • 14 percent expect capital spending to increase
  • 60 percent expect capital spending to remain flat

EMPLOYMENT EXPECTATIONS

  • 43 percent expect employment to remain flat
  • 40 precent expect employment to increase
  • 17 percent expect employment to fall  
  • 80 percent of CEOs expect to continue to operate without significant layoffs
  • 13 percent expect layoffs, while about 6% are uncertain at this time

SURVEY SAMPLE

  • 63 CEOs responded to the survey, which was administered September 28 – October 5, 2020 
  • Multiple industries are represented in the sample, including construction, manufacturing, finance and insurance and retail
  • The average company revenue (most recent 12-month period): $15.6 million
  • The average employment count: 71

READ COMPLETE ECONOMIC SURVEY RESULTS
The Robins School and VACEOs jointly conduct the quarterly survey, which regularly asks about expectations for sales, capital spending and employment, plus other relevant issues, helping Virginia companies anticipate business conditions and plan for growth.

The Robins School adapted the survey from the Business Roundtable, an association of CEOs of American companies that conducts a similar survey nationally. Rich Boulger, associate dean at the Robins School, administers the survey and collects the responses each quarter. The survey has been administered quarterly since 2010.

REQUEST RESULTS
The Council continues to expand the survey beyond its members, offering any area business owners whose companies gross at least $1 million in annual revenue the opportunity to participate. If enough businesses participate, the Council will provide survey results by industry. Participation is free, and all participants will receive copies of the survey data.

Business owners and CEOs who would like to participate in the next survey should contact Scot McRoberts at smcroberts@vaceos.org.

ABOUT VIRGINIA COUNCIL OF CEOs
The Virginia Council of CEOs is a nonprofit association whose mission is to connect the CEOs of small and mid-sized businesses for learning and growth. The Council is led by a volunteer board of directors, advisory board and a small staff. Currently, there are more than 200 CEO members, mainly in Richmond and Charlottesville. Learn more at www.vaceos.org.

ABOUT ROBINS SCHOOL OF BUSINESS

The Robins School of Business is the only fully accredited, highly-ranked undergraduate business school that also is part of a highly-ranked liberal arts university. U.S. News ranks the Robins School’s MBA program #35 in the country. The school’s executive education division offers open enrollment courses and customized leadership development, training and consulting to area businesses.

Posted by Staff at 10:16 am