WMC’s latest survey finds fewer business leaders are struggling to find workers, though this is likely being driven by economic uncertainty putting a damper on hiring and other decisions.
That’s according to Kurt Bauer, president and CEO of Wisconsin Manufacturers & Commerce. In a statement on the findings, he said uncertainty always has an economic impact.
“Trade, the status of the federal budget reconciliation package, and unnerving geopolitics are unpredictable at best right now,” he said. “So, it is no surprise that Wisconsin business leaders are concerned about how their business — and the broader economy — will fare in the months and years to come.”
The group yesterday released results of its Wisconsin Employer Survey, which found the state and national economy top the list of business concerns reported by respondents at 36%. That was followed by global economic conditions at 13%, health care costs at 11% and labor availability, 10%.
At the same time, the share of respondents that are struggling to find workers was 52%, the lowest percentage for this measure WMC has seen in more than a decade. In an earlier survey from six months ago, it was 63%, after previously peaking in 2022 at 88%.
“Many businesses are delaying decisions and investments, including hiring, while a slow economy has more people looking for work,” Bauer said.
Still, 86% of respondents said their business was profitable over the last six months and 92% predict profitability through the end of the year.
When asked about state policy, 38% of respondents said addressing health care costs is the “one thing the state can do” to help their business. That was followed by reducing regulations at 23% and reducing taxes at 21%. Bauer says Wisconsin has the fourth-highest health care costs in the country.
“Healthcare has become a major burden for Wisconsin businesses who provide coverage to their employees,” he said.
Meanwhile, perspectives on the state and U.S economies were somewhat mixed, though most respondents rated both as “moderate.” While 20% said the state economy is strong, 68% said it’s moderate and 12% said it’s weak. For the national economy, responses were 13% strong, 67% moderate and 19% weak.
But the direction of the national economy was seen as much more favorable by respondents, WMC found. While 37% said Wisconsin is headed in the right direction, 63% said it’s headed in the wrong direction. By comparison, 75% said the U.S. is headed in the right direction while 25% disagreed.
The survey, conducted through email and traditional mail, tapped 208 employers that WMC says make up “a representative sample” of its membership and the state’s business community.
See the survey results and release.
