CSUSM partners with SD Business Journal on Business Confidence Index
Press Release | By Eric Breier
California State University San Marcos’ College of Business Administration has launched an online Economic Dashboard to showcase the Business Confidence Index that it has developed in partnership with the San Diego Business Journal over the past two years.
The Business Confidence Index determines the economic confidence of business owners in San Diego County. The initiative uses CSUSM’s Senior Experience Program, which matches teams of students with projects submitted by local businesses and organizations, to create an online survey and distribute it to business owners throughout the county.
The Economic Dashboard serves to present key economic indicators and provide quality information regarding business and major industries in San Diego County. It gives shareholders and stakeholders of the local economy relevant conclusions drawn from evidence provided by various data sources. It is supported by CSUSM’s Senior Experience Program, the College of Business Administration and the San Diego Business Journal.
“CSUSM’s College of Business Administration is proud of our partnership with the San Diego Business Journal and we look forward to continuing to provide valuable economic data for the county’s business community,” said Ed Ashley, the director of business community relations in the College of Business Administration.
The partnership between CSUSM and the San Diego Business Journal allows for more access to business leaders for input into the survey, and the Business Journal provides an optimal outlet for distribution of the survey analysis.
The Business Confidence Index, which is adjusted and re-examined semiannually, will continue with a new Senior Experience Program team conducting the survey each semester. Results of the most recent Index can be viewed at CSUSM’s Economic Dashboard or in the June 12 issue of the San Diego Business Journal.
San Diego County business owners remain optimistic about their prospects for the next 12 months, with about twice as many predicting growth as stability and only a small percentage expecting declines. The findings are from the San Diego Business Journal-CSUSM Business Confidence Index.
The most recent survey produced an index of 76, slightly above the 72 from six months ago and 74 from a year ago. The index uses 50 as a baseline; above 50 indicates overall optimism in the local economy and below 50 indicates a lack of confidence. The most recent survey received 222 responses.
Sixty percent of the respondents expect their firm’s profits to increase, and a third expect profits to remain about the same. The past 12 months produced increased profits for 52 percent of the respondents, while 33 percent were about the same and 15 percent declined.
Respondents are similarly upbeat about increases in sales revenue, at 65 percent, with 28 percent foreseeing similar revenue and 7 percent predicting a decrease. The past 12 months produced increased sales for 57 percent; 30 percent were stable; and 13 percent had a decline in sales.
Forty percent see staff growth in the next 12 months. Only 2 percent predict a reduction in headcount.
Two-thirds of the respondents see improvements in their industry.
“As the economy has improved, many small business owners are reporting a stronger financial situation, healthier revenues, and good cash-flow trends,” Brian Lee, North San Diego Area President for Wells Fargo and a member of the College of Business Administration’s Advisory Board told the San Diego Business Journal. “More business owners are also reporting plans to increase their capital spending and apply for new credit products, which is consistent with what our bankers are hearing from small business customers in our branches.”
About California State University San Marcos
Building on an innovative 27-year history, California State University San Marcos is a forward-focused institution, dedicated to preparing future leaders, building great communities and solving critical issues. Located on a 304-acre hillside overlooking the City of San Marcos, it is the only public four-year comprehensive university serving North San Diego, Southwest Riverside and South Orange Counties.
The University enrolls over 15,000 students. With approximately 2,000 employees, the institution is a Great College to Work For® (The Chronicle of Higher Education). As a recipient of the annual HEED Award since 2014—a national honor recognizing U.S. colleges and universities that demonstrate an outstanding commitment to diversity and inclusion—CSUSM is committed to creating a diverse and inclusive environment.