Chamber Survey: Chamber Businesses Express Renewed Optimism -- "Housing Costs," "Economic Growth," "Transportation," Cited as Top Regional Issues

(Charlottesville, Virginia - February 26) Charlottesville Regional Chamber of Commerce member enterprises express continued optimism about their businesses and the local economy, according to the Chamber's annual economic survey. Housing costs and economic growth top the Chamber members' list of key regional public policy issues.

The Charlottesville Regional Chamber of Commerce released the results of their third annual economic survey of members at its Annual Business Breakfast at the Omni Charlottesville Hotel today. The 2004 Chamber Member Economic Survey results reveal a variety of perspectives on business expansion and vitality of the local economy.

"Our Chamber members' views about the success of their businesses as well as of the economic vitality of our Charlottesville area are increasingly buoyant," stated Steven W. Blaine, of LeClair-Ryan Attorneys, who serves as Vice Chairman of the Chamber Board for Economic Vitality. "When we asked our member businesses how they expect to do in 2004, across the board the answers reflect more optimism than in the previous two years. Business confidence is brighter than it has been in three years."

Chamber member businesses and civic organizations were also asked to rank from a list of issues, those public policy issues they "...think will have the greatest consequences on the future economic vitality and quality of life of our greater Charlottesville region."

Chamber member respondents ranked (by weighted response) "Housing Costs / Availability" (16.4%) "Economic Growth" (16.0%)," "Transportation" (10.4%) Education" (9.8%), "Land Use Management" (9.0%), and "Health Care" (8.9%) as the top issues facing our greater Charlottesville region. These six issues have topped the previous surveys. Perhaps reflecting an increased concern for higher housing costs presenting greater employment challenges, this year housing costs jumped to the top of the issues list. Transportation moved up to third.

Looking further into the survey numbers, an almost equal number of Chamber member survey respondents listed either "Housing Costs/Availability" (21.1% and 43%) or "Economic Growth" (22% and 42.3%) as either their top priority issue or as one of their three top priority issues. Nearly one-third (32.2%) named "Transportation" or "Education" one of their three top priority issues.

" 'Economic Growth,' 'Housing Costs / Availability,' 'Transportation' and 'Education' indeed are key interrelated priority issues for our region," Chamber President Timothy Hulbert added. "Our Chamber members know that we must: fuel the engines of enterprise, offer a range of housing options, provide the avenues of commerce and build brainpower essential to enhance the economic vitality and quality of life we enjoy in our Greater Charlottesville communities."

Regarding specific business economic issues, the response to the 2004 Chamber Member Economic Survey revealed the growing business optimism:

Four of five (79.7%) of survey respondents plan capital investments in 2004;

74% of survey respondents expect business revenue to rise in 2004; and,

64.4% of survey respondents expect increased profits in 2004.

In December 2003 the Chamber mailed the economic survey to 1,200 Chamber member representatives along with their annual dues invoice and a brief report on 2002 Chamber activities. As of February 10th, approximately 118 valid survey responses (a 9.8% response rate) were received at the Chamber and the results tabulated.

The 2004 Chamber Member Economic Survey was developed, tabulated and presented by the Chamber staff with the assistance of Ms. Alicia Bogues, a University of Virginia Chamber Intern. More information on the Chamber Member Economic Survey or other Chamber programs and activities is available at cvillechamber.com .

The Charlottesville Regional Chamber of Commerce is dedicated to representing private enterprise, promoting business and enhancing the quality of life in the greater Charlottesville communities. Founded in 1913, today the Chamber has 1,200 member businesses and civic organizations. Chamber members employ more than 45,000 men and women in the Charlottesville region, representing an estimated total payroll of more than $1.3 billion a year.

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