Source: UT News | September 8, 2020
Tennessee business leaders expect the state’s economy to improve more quickly than the nation’s over the next year, largely in part due to strong business investment and government leadership, according to a new survey conducted by the Boyd Center for Business and Economic Research at the University of Tennessee, Knoxville.
The Tennessee Business Leaders Survey also found that nobody expects to see substantial employment declines for their company over the next 12 months.
“In fact, about 16 percent of business leaders indicated they have actually increased employment in the past three months,” said Boyd Center Director Bill Fox. “It is certainly a unique time for Tennessee and the nation, and this offers an encouraging perspective about the economy’s resilience during the COVID-19 pandemic.”
Almost 63 percent said their businesses stayed open throughout the COVID-19 pandemic, and 27 percent remained open with significant restrictions. Only 10 percent said their businesses were voluntarily closed due to weak demand, and less than one percent were shuttered by government restrictions.