Growing a Greater Greenvill e
Upstate Business Confidence
Index Survey
Spring 2025
National Headlines
Goal: To better understand how the region’s business leaders view the economy, their industry, their company, and their community. Results will inform decisions made by the Chamber, our economic development allies, elected officials, and the business community.
Process: An online, 12-question anonymous survey was conducted from 2/24/2025 to 3/18/2025. There were 110 responses from Greenville Chamber’s most-engaged investors (including Board of Directors, Board of Advisors, Accelerate Shareholders and other Chamber Investors).
RESPONDENT DEMOGRAPHICS
BUSINESS SIZE TOP SECTORS REPRESENTED
KEY FINDINGS UNSETTLED UNCERTAIN UNEVEN
BUSINESS CONDITIONS & EMPLOYMENT
Divided Outlook: Employers are split regarding business conditions over the next six months.
• 34% anticipate worsening conditions, 38% expect improvement.
• Lack of consensus is more pronounced among very small businesses (<10 employees), with 44% expecting improvement and 43% expecting worsening conditions.
• Large businesses (250+ employees) are somewhat more optimistic, with a 50%-23% split.
Rising Costs
A majority of employers anticipate rising payroll and benefits costs, presenting significant challenges to business operations and potentially impacting profitability and hiring decisions.
UNCERTAIN FUTURE
Predictions for the next six months within one’s own sector are highly diverse, with 35% expecting conditions to worsen and 39% expecting improvement. The average sector outlook was 2.97 on a scale of 1 (Much Worse) to 5 (Much Better).
Above Average Sectors
Average Sectors
Growing a Greater Greenvill e
BARRIERS TO BUSINESS EXPANSION
Inflation
Labor Force
Financing
Regulations
Availability/cost of real estate
Upstate Business Confidence Index Survey
Larger firms also rate supply chain issues as a notable challenge and see regulations as having a bigger impact than other sectors
These barriers underscore the need for targeted strategies to support business growth in the region.
PRICE CHALLENGES INSURANCE
EMPLOYEE COMPENSATION
INTEREST PAYMENTS
Insurance costs are hitting small and very small businesses the hardest, with 82% of small businesses and 87% of very small businesses reporting significant impacts. Manufacturing noted raw materials as the top concern for price increases.
LONG-TERM OUTLOOK
of respondents expect to be operating in the region in the next 5 years plan to be larger than they are now of small businesses (<50 employees) plan on being here in 5 years of small businesses plan to be larger than they are now
