February 24, 2023 11:00am

What recession? Birmingham leaders bullish about economy

The latest Power Poll asks Magic City leaders to chime in on the state of the local economy

Photo of Ty West
Birmingham, AL Correspondent

Economic uncertainty and recession fears may be swirling, but Birmingham leaders remain confident about the economy based on what they are seeing so far in 2023.

In fact, more Birmingham leaders believe the economy is getting better than getting worse — and they are optimistic they’ll hit their budget targets this year.

That’s one of the big takeaways from the latest Power Poll Birmingham, an unscientific monthly poll that takes the pulse of influential Magic City leaders on a variety of topics.

The poll found 39% of respondents believe early returns in 2023 suggest the economy is getting better. Only 24% feel it’s getting worse.

Perhaps even more promising, 89% of respondents expect to hit their budget targets in 2023 — a trend that bodes well for spending and capital investments in the region.

While most respondents (56%) said sales at their company are holding steady, a higher percentage feel sales are slowing (25%) than growing (19%).

According to Power Poll respondents, hiring activity remains steady in the Birmingham area, with only 11% reporting their organizations are pulling back via a hiring freeze or staff reduction.

That dovetails with federal jobs data that continues to show a tight talent market with a significant number of job openings.

Power Poll Members: Do you have a friend or colleague who should be on Power Poll? Please invite them to join!

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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