MOBILE, Ala. – The Mobile Chamber has released the results from the 2024 Annual Mobile Area Economic Outlook Survey.

The results tell a positive story about how our local businesses are responding to a challenging economy nationwide.

In announcing the survey results, Mobile Chamber President & CEO Bradley Byrne said “The local economy is very strong and shows no sign of slowing down.”

150 businesses responded to the Mobile Chamber’s survey. Of those who responded, 49% serve as the owner or CEO of the business. 76% represent small businesses with 100 or fewer employees.

When it comes to business performance, 79% said 2023 was either excellent or above average.

Less than 3% reported a below average or poor performance.

Projections for 2024 look very similar with just three percent fewer not expecting an excellent year.

When it comes to business development, 41% noted expansions or new locations this past year.  That number is expected to grow to 50% in 2024.

Fewer than 3% closed locations in 2023 and 2% project a closing next year.

Supply and demand continue to be ongoing concerns for our local businesses. 24% reported supplier delays this past year and 25% saw increased supplier pricing.  6% saw a decrease in demand for their products.

The supply and demand projections for 2024 look very similar.

When it comes to employment and employee retention, 30% of those surveyed said they increased employment this year due to business growth and that number increases to 39% on 2024’s projections.

40% reported having trouble finding workers with the required skills and 35% expect that challenge to continue into 2024.

The Mobile Chamber saw that issue come up again when asked about overall challenges. Our survey participants listed the same challenges for 2023 and 2024, a recurring theme we’re seeing nationally.

The top three challenges are:
1. Hiring and retaining qualified employees
2. Rising operating costs
3. And supply chain disruptions

“We can’t let national trends be an excuse. The communities that thrive in this economy are those that get workforce right, and we are going to thrive,” said Byrne.

The survey confirms that workforce will continue to be an area of continued focus for the Mobile Chamber in 2024.