Spokane Area Businesses Show Strong Signs Of Optimism & Growth (Photo) -08/10/21

More than half of Spokane area middle-market and small businesses expect 
overall economic conditions in the U.S. to improve in the next 12 months 

While businesses continue to face headwinds and some uncertainty with the pandemic, Spokane businesses are more optimistic (66%) than the national average (52%) that overall economic conditions in the U.S. will improve, according to a new study from Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ). 

A significant number of Spokane area business leaders also responded that they plan to increase their real estate footprint (73%), take on debt to finance growth (45%), and consider acquiring another business (64%), all significantly above the national average.

The Umpqua Bank 2021 Business Barometer is the fourth annual in-depth study into the mood, mindset and strategic priorities of nearly 1,200 leaders at small and middle market companies across the United States.

“Spokane area businesses of all sizes are making a recovery. Many made significant changes last year that resulted in efficiencies and diversification. And, many have embraced ongoing change as the new norm,” said Heidi Horobiowski, commercial banking relationship manager at Umpqua Bank. “Many Spokane business leaders have realized their organizations’ capacity to adapt and have a renewed sense of optimism as a result.”

Nearly all (98%) Spokane area businesses have dealt with supply chain issues in the past 12 months.

"Growth, rapid growth, is the post-pandemic mixed-blessing that we are working through. Backlogs are exciting and encouraging yet also nerve racking because of the significant supply delays, shortage of skilled trades people, and health and wellness of our current workforce," shared Jodi Martinez, VP, at Spokane-based AllStar Glass Company.

On the whole, companies in the West trended more optimistic than the average nationwide. For example, about 77% of companies in Washington said revenues would increase and 66% said profitability would increase. Western states also expect an increase in demand over the next 12 months, with 66% of those in Washington saying so, compared with 83% in Oregon and 63% in California. 

Read the full Umpqua Bank 2021 Business Barometer here. 

Survey Methodology 

The Umpqua Bank 2021 Business Barometer, conducted annually, surveyed 1,196 owners, executives, and financial decision-makers from U.S. small and middle market companies. The online survey was conducted in partnership with DHM Research, a public policy and business research firm, and targeted executives at companies with $500,000 to $500 million in annual revenue. The survey has a 2.8% margin of error and was fielded from May 24 – June 4, 2021. 

About Umpqua Bank
Umpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California and Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for eight years in a row on FORTUNE magazine's list of the country's "100 Best Companies to Work For," and was recently named by The Portland Business Journal the Most Admired Financial Services Company in Oregon for the sixteenth consecutive year. In addition to its retail banking presence, Umpqua Bank also owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to businesses.