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Survey of Chicago Area Business Leaders, February 2009

Executive Summary

Blackman Kallick surveyed Chicago area business leaders immediately preceding the November elections and immediately following the January inauguration of our 44th president.

View survey results as PDF or right click on this link to download PDF only

The purpose of this survey was to gain feedback from a wide variety of business leaders in the Chicago metropolitan area regarding the current economic condition and their forecast of the U.S. and Chicago business climates.

We do not plan to add any interpretation to the January responses, since businesses and industries are affected differently. However, our timing was purposeful. We believed it would reflect changes in fiscal outlook based on economic developments and the changes in political leadership.

Below are a few reference points to contrast the timing of the two surveys.

 

If you do not see the specific details you require to help analyze your own business goals and assumptions, please feel free to contact us directly, and we will share any information we believe has statistical value.

Interesting Observations

When comparing the October survey responses to those of the January survey, we noticed the following:

The overall perception of Chicago's business health has declined to almost match national levels. While we were encouraged that the October survey respondents showed a strong faith in the local economy, it is clear that the continued national recession has either caught up to Chicago or dampened the optimism of our business leaders.

One of the most noted and discussed results from the last survey was the majority of respondents' lack of worry about obtaining financing, especially given how the tightening of financing was a front page issue in November and December. These results across the two surveys have, for the most part, remained flat. It is also interesting to note that 66% of all January 2009 survey respondents reported having the same or higher cash reserves as they did in January 2008.

Reported three-month sales declines are significantly higher than they were in the October survey. However, the respondents' plans for layoffs and cash positions have not declined accordingly. While many companies have lower cash positions when compared to last year at this time, approximately the same percentage are holding more cash than they were 12 months ago.  

View survey results as PDF or right click on this link to download PDF only
View November 2008 survey results online
Contact us for a hard copy of the survey results

Sign up to take part in the follow-on survey or to receive the results only 

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.