One in three Florida small and mid-size companies expect to increase wages for workers in the next six months.
Only 1 percent of businesses in the Sunshine State expect to cut workers’ pay, according to the PNC Fall 2018 Economic Outlook.
“That translates to good news for workers’ paychecks, consumers’ wallets and the overall economy,” said Stuart Hoffman, senior economic advisor for The PNC Financial Services Group (NYSE: PNC).
The biannual survey of businesses across PNC’s footprint, including 150 Florida business owners, found that nearly one in four Florida business leaders – or 24 percent – plan to add full-time employees in the next six months. Those expecting to reduce the number of full-time and part-time employees fell to record lows, less than 1 percent and 2 percent respectively.
“Throughout the state, there are many new construction opportunities. The developments will add new jobs, offer programs that will produce a more prepared workforce and businesses may develop around them in the long run,” Hoffman said.
Overall, Florida business leaders’ optimism about the national economy has slipped a bit from spring 2018, but it’s higher than it was in fall 2017. Just over one in three – or 36 percent – of Florida business leaders currently described their outlook for the national economy as optimistic, while 46 percent are optimistic regarding their own businesses for the next six months.
Over half of the Florida business leaders – 54 percent – expect sales gains in the coming six months, and half expect increased profits. Both of those numbers are lower than they were in the spring survey, PNC said.
The Florida business leaders are divided on the hot topic of tariffs. When asked to pick sides on increasing U.S. tariffs on other countries’ goods based upon what’s best for their own business, 24 percent are in support, 40 percent are opposed, and a third of Florida business leaders are uncertain, PNC said.