(The Center Square) – Washington state employers are cautiously optimistic amid ongoing economic challenges, according to a survey conducted just before the Nov. 5 general election.
The Association of Washington Business queried more than 500 employers from Oct. 16 through Oct. 30 as part of its fall 2024 “Washington Employers Survey” to find out what they think about the state of the economy and their businesses.
Overall, respondents were more optimistic about the growth of their businesses compared to earlier AWB surveys.
More than half of employers indicated inflation is their top concern, according to the survey, and 55% rank the overall tax burden as the state’s most pressing public policy issue.
Some highlights from the 10-page study:
18% of employers expect the Washington economy to enter a recession in the next year. That’s down from 35% in AWB’s fall 2023 survey.51% of employers expect to see growth in their businesses over the next six months. That’s an improvement from last fall’s 46% figure.49% of respondents cite government regulations as their main challenge, while 47% name health care costs as their greatest challenge.Nearly a quarter of employers – 24% – said they have open positions they have been unable to fulfill.Nearly three-quarters of respondents – 73% – reported higher energy costs over the past two years.After the overall tax burden, employers’ top public priorities were homelessness (43%), housing (43%), public safety (37%), workforce (33%), health care (32%), energy (32%), infrastructure and land use (28%), education (27%) and environment (16%).
“Even as inflation and workforce challenges ease, Washington employers continue to struggle with a high tax burden and rising costs across the economy,” AWB President Kris Johnson said in a news release. “As Washington’s 2025 legislative session begins, we encourage lawmakers to adopt policies that support makers and entrepreneurs rather than add new taxes and challenges for businesses.”
Formed in 1904, AWB is Washington’s largest and oldest statewide business association. AWB has more than 8,000 members and represents 700,000 employees.
