Business Confidence Soars in First Quarter

Majority of small businesses and nearly one-third of large do not have a disaster recovery business plan in place

Summary: The positive trend we have seen the last few months from county businesses continues with a surge in optimism in this month's Silvergate Bank-sponsored Business Forecast. San Diego County's Business Outlook Index (BOI) is now 25.6, the highest level since March 2016. This month's Forecast also asks about disaster preparedness and finds that fewer than half of the county's businesses have a disaster recovery plan. Business size is a factor, with small firms rarely having plans in place and large firms more likely to have an established strategy.

Statement from San Diego Regional Chamber: "Many business executives are prone to ignoring disaster recovery because disaster seems an unlikely event, but statistics show that up to 40 percent of businesses never reopen following a major disaster," said Jerry Sanders, President and CEO of the San Diego Regional Chamber. "It's important to have a plan in place to protect employees, lessen the financial impact of the disaster, and re-open the business quickly to support economic recovery in your community. I would encourage any business owner interested in learning how to create a plan for their business to attend our Disaster Preparedness Academy on March 3."

Statement from Business Forecast Sponsor: "The strong gains seen this month are higher than the previous quarter's and the previous month's, showing that the positive movement is sustained and significant," said Dino D'Auria, Executive Vice President and Chief Banking Officer at Silvergate Bank.

Forecast: The positive trend we have seen the last few months from county businesses continues with a surge in optimism in this month's Silvergate Bank-sponsored Business Forecast. San Diego County's Business Outlook Index (BOI) is now 25.6, the highest level since March 2016. Read more.