Print  email 

Local confidence drops, surveys find

Consumers, business owners hope for economic rebound

By Rolf Boone | The Olympian • Published March 17, 2009

• Comments (0)

Thurston County residents and business owners largely were pessimistic about the economy in the fourth quarter of 2008, although both groups remain hopeful that business conditions will improve in the next six months, two new surveys have found.

The surveys, which were introduced in the third quarter of last year, were produced by the Thurston County Economic Development Council, Saint Martin's University and consultants Barney & Worth Inc. The Thurston County Chamber of Commerce also provided input, EDC Board President Joseph Beaulieu said.

Business students and staff members at the university surveyed 1,500 households in Thurston County, and the EDC also e-mailed 33 business executives.

The surveys, which are indexed to 100, show that confidence about the economy fell last year from the third quarter to the fourth. According to the data, confidence in:

• Current business conditions fell to 15 from 85.

• Current labor conditions fell to 22 from 37.

• Current economic conditions, compared with six months ago, fell to 25 from 33.

However, some small-business owners have thrived in the economic downturn.

Downtown Olympia business owner Julie Triplett, who opened a cloth-diaper business called Simple Cloth in August, said her business continues to grow.

"It helps that my business is providing a must-have item," she said. "People continue to have babies, and they need diapers for their babies."

A reusable cloth diaper also can be a more economical choice for parents, Triplett said. During the fourth quarter, her holiday sales slowed, but business picked up again in January.

"We keep very busy, especially Saturdays," adding that she is planning to hire her first employee.

Business CEOs also were asked about future profits in the coming months.

Of those surveyed, 38 percent said profits would come as a result of cutting costs. Although specific cost-cutting decisions were not disclosed in the survey, the county's jobless rate did rise to 7.7 percent in January, according to the state Employment Security Department.