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October 21, 2022 11:00am
Birmingham leaders expect a recession
Here's how influential local leaders feel about the economy — and how their hiring plans are evolving
Birmingham leaders believe a recession is on the way, but most aren’t seeing a slowdown at this point.
That’s the biggest takeaway from the latest Power Poll Birmingham, which is a monthly poll of local leaders.
The Power Poll found 87% of respondents believe a recession is likely to occur within the next year, echoing recent comments from leaders of the nation’s largest banks and many economists.
Despite the future concerns, 64% of respondents said they haven’t noticed a slowdown in their industry over the past three months.
In fact, some respondents said business was picking up.
While there are some national signs that many small businesses are slowing their hiring efforts, only 22% of Power Poll respondents said they were pumping the brakes on hiring or cutting jobs.
Like numerous other surveys, the Power Poll also found leaders are significantly more confident about their own organizations compared to the broader economy, with 79% saying they are most optimistic about their organization’s performance over the next six months.
About Power Poll: Power Poll asks questions of the most powerful, influential people in U.S. cities. It is not a scientific survey. But because the people responding to the surveys comprise the leadership structure of their cities, the results afford a fascinating glimpse into the thoughts, opinions, and beliefs of those in a position to make change. Power Poll is distinctly nonpartisan.
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