Our latest economic recovery survey asked Hoosier business leaders about COVID-19 vaccines and their business outlook for the coming year.

Regarding the importance of widespread vaccine implementation to the state’s economic recovery, the average response was 8.21 on a 1-10 scale, with 10 being most important. In addition, 61% expect to encourage COVID-19 vaccinations for their employees, while 28% are not sure. Only 11% of respondents say no – they won’t encourage employees to get the vaccine.

Potential on-site vaccinations for employees delivered a mixed response (23% yes; 39% no; and 38% not sure) with many citing the need for additional information.

In projecting the 2021 outlook for their business, respondents were more optimistic than not. Nearly 50% (47%) indicated a return to “near normal” operations, versus 28% continuing at the reduced levels of 2020. Additionally, 20% expected similar growth in 2021 compared to recent years, with 6% fearing potential closure without economic recovery.

When first asked in late June about long-term ramifications of the pandemic, 62% cited changing their business model to adapt to a new reality. That same question yielded a 56% response in December.

Remote workforces are a new reality for many. Forty-three percent indicated that all or some employees would continue to work remotely in at least a portion of the coming year. On the productivity of remote workers throughout 2020: 51% said they were less productive (36% of that total in the “slightly less productive” category); 12% more productive; and 37% no change.

Additional survey findings include:

  • Economic impact to your business in 2020 (on a 1-10 scale): 6.5. This matches the June response and is below the 7.2 average in April
  • Specific business impacts in 2020: Revenue loss, 71%; cash flow issues, 35%; suspended operations at least temporarily, 34%; employee layoffs, 29%; no/minimal impact, 16%; added employees, 13%
  • Seventy-two percent (split evenly between very important and somewhat important) identify a new federal economic stimulus/relief package as a crucial factor

Some 845 Chamber members and investors took part in the informal online survey December 3-10.

More than 50% of respondents have fewer than 50 employees. A broad cross section of industries was represented, with 24% in manufacturing and 17% in professional services. The latest survey followed previous polls in April and June.

Charts of the key findings are available at www.indianachamber.com/charts.