Results from the Fall 2021 Business Survey announced by the Greater Madison Chamber of Commerce, Destination Madison, Downtown Madison Inc., Madison Black Chamber of Commerce, and the Latino Chamber of Commerce identified talent shortages and higher operating costs as the top concerns for Madison businesses. Responses from 305 Greater Madison businesses represented a diverse and mostly small or locally owned cross-section of industries. The responses also included a significant percentage from women- and minority-owned businesses. Key findings include:
- Sixty-five percent of respondents (up from 32% in spring 2021) rated access to talent as a top barrier to their business, closely followed by increased operating costs at 59% (up from 43%);
- Thirty-four percent cited government regulations and 30% said lack of clarity in local government reopening plans are barriers;
- Twenty-four percent of respondents stated they expanded their workforce in 2021, while an additional 30% wanted to expand but weren’t able to due to talent shortages;
- Sixty-five percent experienced revenue growth in 2021;
- Twenty-four percent reported revenue losses and were disproportionately small businesses; and
- Seventy-eight percent have a workforce that is at least three-quarters fully vaccinated.
The survey was conducted in partnership with the DeForest Windsor Area Chamber of Commerce, Fitchburg Chamber Visitor + Business Bureau, Middleton Chamber of Commerce, and Verona Area Chamber of Commerce.
