Economic outlook for Shelby County is positive, UM professor says

There was a common theme to the speeches at the Greater Shelby Chamber of Commerce’s annual meeting — the future is bright for Shelby County.

At the chamber’s first community luncheon of the year, 2018 Chamber Chair Joe Meads discussed new initiatives and goals, and University of Montevallo Dean and Professor of Business Stephen Craft went over the results of a 2018 business outlook survey.

“The enthusiasm and the expectations are very, very strong. People in Shelby County, businesses in Shelby County think we’ve got a lot to look forward to in 2018,” Craft said.

The business outlook survey received 200 responses, Craft said, which is a credible data set for the size of the chamber. Of those respondents, more than 90 percent said they expect revenue to increase in 2018.

The survey also included questions regarding capital investment, limits on job creation and other topics that could affect growth in the county. One interesting trend, Craft said, was a decrease from 2017 in the number of responses that said they expected no capital expenditures. In 2017, 16.67 percent of respondents said they expected no capital expenditures; in 2018, that was down to 11.06 percent.

In contrast, those expecting capital expenditures of $1 million or more increased from 14.71 percent to 20.6 percent.

“That’s very exciting in terms of capital investment in the county,” Craft said.

In terms of limitations on job creation, Craft said responses showed that things such as workers comp or taxes and fees do not deter job creation. The limits, he said, were difficulty finding employees with the necessary skills and a demand for business.

“Despite any regulatory or benefits cost, Shelby County businesses will be happy to create jobs when there is business to be done,” Craft said. “So if you have customers, you will create jobs.”

In summary, expectations for 2018 are high, and people expect employment, profits and capital investment to increase in the upcoming year, Craft said.

The chamber also took time to reflect on 2017 and look toward 2018 during the luncheon. In 2017, the chamber wrapped up its five-year Shelby One initiative, which started in 2013.

The initiative, 2017 Immediate Past Chamber chair Paul Rogers said, was a success. The chamber exceeded its ambitious goals, he said, and was prepared to move forward with its next five-year initiative, Shelby One Next Level Up. The initiative has received $2 million in commitments so far, Rogers said.

“As an organization and a business community, our future is bright, and the best is truly yet to come,” said Meads.

In order to see growth and development, Meads said, long-term strategy, a bold outlook and strong leadership must come together. In 2018, he said, the chamber is prepared to capitalize on opportunities through Shelby One Next Level Up. This plan includes working with 58 Inc., remaining competitive, expanding the workforce and serving as an advocate for the business community.

“We hope you’ll agree that this bold, five-year plan will take our chamber, our businesses and our communities to the next level,” Meads said.