Businesses could see bright future, MTSU study finds

JACKSON, Tenn. — A study shows that businesses could be seeing a positive impact on the economy in the near future.

Business owners have faced issues from inflation to staff shortages since the beginning of the pandemic, but Dr. Tim Graeff, with Middle Tennessee State University, says despite these obstacles, the economy’s future is looking bright.

According to the Tennessee Business Barometer, since October, the overall economic scale has increased by 80 points, with the economic situation index going up 17 points.

Graeff says labor shortages are being felt by most owners, making it hard to grow business.

“Only 2% of our sample, that number is pretty consistent. Last time in October it was 1%. July of last year, it was 2%. They are having a very difficult time finding employees to help them grow their businesses,” Graeff said.

Graeff says according to the barometer, the future expectations index have increased from -20 to 32.

“A greater percentage of our business owners in Tennessee had more positive responses about the future than they did in our previous survey. If more of them are starting to feel more optimistic, then they will be more inclined to do things and grow the economy,” Graeff said.

Libby Wickersham, with the Greater Gibson County Chamber, says they have seen businesses struggle with the same issues.

But it has also not deterred stores from opening.

“We are definitely seeing the effects of, but I can also tell you that we are still seeing businesses open in the county since the first of the year. So we are encouraged on that end as well,” Wickersham said.

With the challenges from the last few years, Mandy White, with the Jackson Chamber of Commerce, says they will hopefully make business stronger in the future.

“Forced people to slow down and look at themselves as businesses and how to operate more efficiently and effectively. I think that that has allowed a lot of people to do more reflection. I think you will see people come out of the other side stronger, more innovative, and ready to invest and grow,” White said.

For the full Tennessee business barometer report, visit Middle Tennessee State University’s website.

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