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Keeping our Ears to the Ground: Insights from the Community Outlook Survey & Texas Small Business Needs Assessment

Keeping our Ears to the Ground: Insights from the Community Outlook Survey & Texas Small Business Needs Assessment Poll. Emily Ryder Community Development Analyst Federal Reserve Bank of Dallas.

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Keeping our Ears to the Ground: Insights from the Community Outlook Survey & Texas Small Business Needs Assessment

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  1. Keeping our Ears to the Ground:Insights from the Community Outlook Survey &Texas Small Business Needs Assessment Poll Emily Ryder Community Development Analyst Federal Reserve Bank of Dallas The views expressed in the presentation are those of the author and do not necessarily represent the views of the Federal Reserve Bank of Dallas or the Federal Reserve System

  2. Community Outlook Survey: Background • Quarterly survey to assess community and economic development in the Eleventh District • Respondents are from community-based organizations who serve low- and moderate-income (LMI) families

  3. Community Outlook Survey: Background • Topics covered: • Organizational sustainability • Affordable housing • Access to credit • Financial well-being • Availability of jobs

  4. Community Outlook Survey: Organizational Sustainability 2nd half 2013 Note: Respondents could check more than one box

  5. Community Outlook Survey: Situation of LMI households

  6. Community Outlook Survey:Affordable Housing Second half of 2013 Note: Respondents could check more than one box

  7. Community Outlook Survey: Access to Credit and Financial Well-Being Second half of 2013 Note: Respondents could check more than one box

  8. Community Outlook Survey:Availability of Jobs 2nd half of 2013

  9. Texas Small Business Poll

  10. Texas Small Business Needs Assessment Poll: Responses by County

  11. Texas Small Business Poll:Background

  12. Texas Small Business Poll:Firm Performance and Strategy • Plurality saw increases in sales and overall business opportunities • Expectations for the next 6 months: • 66% expect opportunities to improve • 71% expect sales and revenue to increase • Most important business changes were cultivating new markets and cutting costs

  13. Texas Small Business Poll:Financing and Credit • Business earnings are top financing source, followed by credit cards and personal savings • Personal savings reliance greater for HUBs Top Three Barriers to Credit by Firm Age

  14. Texas Small Business Poll:Business Operations Factors affecting ability to grow businesses: Talent (finding right workers) Complying with government regulations Access to capital

  15. Texas Small Business Poll:Employee skills

  16. Texas Small Business Poll:Employee Skills Gap

  17. Texas Small Business Poll:Open Ended Comments • Customer service is not something that everybody gets. Even personable, competent people need reminders about how to provide good customer service. • The Federal government makes it difficult for businesses to know how to plan. Washington is somewhat out of touch • The biggest inhibiting factor in the ability of my company to grow is the inability of our congressional leaders to compromise and move forward. The polarization in Washington has got to stop. The budget crisis will cause our business to flatten for the next 6-9 months due to the nationwide retailers putting development on hold. • The rapid changes in market demands and finding servicing those new markets are the greatest challenges we have.

  18. Thank You! Follow Community Development on Twitter www.dallasfedcomdev.org emily.ryder@dal.frb.org

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