Continued Optimism for Future Growth
Despite reporting worse revenue and employment performance, the Maryland businesses surveyed remain optimistic for future growth. Sixty-five percent of those surveyed expect their markets to grow, higher than 56% in first quarter 2019, but below 72% expecting growth in fourth quarter 2018. One troubling note is that the number of firms expecting a market decline in the coming year, at 8%, is the highest level in the past four quarters.
63% of firms reported they expect an increase in sales in the coming year, while 6% expected revenues to decline, approximately the same as in first quarter 2019, but below the 74% expecting revenue growth in fourth quarter 2018; and
48% of firms reported they expect to increase their employment in the coming year, while 3% expected their employment to decline, again comparable with the first quarter but below the 53% of firms that expected to add jobs in the fourth quarter of 2018.
Figure 3: Market - Coming Year
Figure 4: Revenues - Coming Year
Figure 5: Employment - Coming Year