What recession? Birmingham leaders bullish about economy

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.