The San Diego Regional Chamber of Commerce’s Business Outlook Index continued its strong recent performance in March, despite a slight drop from the previous month, the organization announced Tuesday.
As a whole, the first three months of this year represented the best quarter for the index in almost two years, according to the chamber.
“While the report shows wide optimism about future growth for small businesses, we do see a hurdle regarding lack of access to capital,” said Dino D’Auria, executive vice president and chief banking officer at Silvergate Bank, the sponsor of the index.
The index is a compilation of responses from around 200 chamber members around the county, who are asked whether they plan to hire more employees or let some go, increase or lessen their workers’ hours, receive more or less revenue, and experience better or worse business conditions.
In March, the index stood at 23.7 — it’s historical average. The index was around 25 or so the first couple of months this year, a far cry from the 9 recorded in October. The chart went through a roller coaster of large ups and downs throughout last year.
The chamber said the development and construction sector is hiring, and none of the respondents in that industry planned to lay anyone off. Members with hotel and restaurant businesses were more pessimistic, however, according to the study.
Businesses also said they are experiencing more competition, especially in the retail area.
—City News Service
>> Subscribe to Times of San Diego’s free daily email newsletter! Click hereFollow Us: