A 2022 Economic Outlook Survey reveals a strong rise in business confidence, despite challenges .
Jul. 12, 2022 4-minute read
Share

Business and economic confidence

Business change in 2022 versus 2021

Business change in 2022 versus 2021 Decrease Remain the same Increase
Price of your good/services 2% 32% 66%
Real Business Activity – volume, not dollar revenue 10% 25% 65%
Real Profits – inflation-adjusted profit 17% 27% 56%
Financial investment in your business 7% 46% 47%
Number of employees on payroll 9% 45% 46%

Economic and business confidence over next 12 months

Percentage = Very or extremely confident
 

   2021 Outlook 2022 Outlook Change
Your company 50% 65% +15
The local economy 25 39 +14
The state economy 24 36 +12
The US economy 23 23 --

The hunt for talent

Factors for hiring more employees

 

  Percentage
Increase in production 54%
Expansion into new markets 47%
Employees are generally overloaded 44%
Introduction of new products/services 34%
Customer service is suffering 15%
Current employees don't have new skills needed 10%

Percentage = Those who plan on increasing number of employees

Factors for hiring more employees

Graph showing the 6 factors; “Increase in production” leads at 54% and employees with lacking skillsets listed last at 10%

Percentage = Those who plan on increasing number of employees

Areas where investment will increase in 2022

  Percentage 
Technology adoption and upgrades 58%
Marketing or advertising efforts 51%
Employee training and development 47%
Creation of new product or service 39%
Expand operations in new locations 32%
Employee health or financial benefits 29%
New office or remodeling 24%
Acquiring another business 17%

Areas where investment will increase in 2022

Graph showing the 8 areas; “Technology adoption and upgrades” leads at 58%, and “acquiring another business” listed last at 17%.

Rising costs and supply chain issues

How Covid-19 has impacted business
 

  2021 Outlook 2022 Outlook Change
Have had to find new ways to interact with clients and customers 77% 69% -8
Inability to travel 68% 58% -10
Introduction of remote working policies for employees 55% 50% -5
Disruptions to our supply chain 34% 49% +15
Delivery of our products and services 39% 40% +1
Needed to seek out financial assistance 42% 39% -3
Workforce changes 42% 34% -8
Required us to invest in new technologies 36% 33% -3
Modifications have been made to the office layout 36% 28% -8
Re-evaluated real estate needs 26% 26% - - -
Cancelled or deferment of capital expenditures 32% 25% -7
Created liquidity or cash flow issues 32% 25% -7
Required us to find new revenue channels 32% 23% -9




All loans and other extensions of credit are subject to prior approval. The CIBC logo is a registered trademark of CIBC, used under license. ©2022 CIBC Bank USA.

Equal Housing Lender. Member FDIC logo.