Economy & Economic Development  December 30, 2024

Majority of CEOs expect improved conditions in 2025

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More than half of executives in the Boulder Valley and Northern Colorado expect improved economic conditions in the first quarter of 2025, but are concerned about potential tariffs imposed by a second Trump administration.

That’s according to the first-quarter CEO Roundtable Executive Survey, conducted by BizWest. The quarterly survey focuses on C-level executives in the Boulder Valley and Northern Colorado. BizWest conducts CEO Roundtables in both areas, with executives gathering to discuss trends, opportunities and challenges within their industries.

About 53% of respondents expect improved economic conditions, with 34% anticipating conditions to remain about the same, and 13% expecting conditions to worsen.

About two-thirds of respondents said potential tariffs would negatively affect their companies, with 46.4% describing it as somewhat negative and 18.6% as very negative. More than 30% said tariffs would have no effect on their businesses, with others describing tariffs as having a somewhat positive impact, 2.1% or very positive impact, 2.1%

A majority of respondents, 57.7%, expect staffing levels to remain about the same, with 30.9% expecting a moderate increase, 4.1% a strong increase, 6.2% a moderate decrease and 1% a strong decrease.

Similarly, capital expenditures are expected to remain flat for about half of respondents, with 49.5% anticipating no change, 17.5% expecting a moderate decrease, 2.1% expecting a strong decrease, 29.9% a moderate increase and 1% anticipating a strong increase.

Overall business conditions compared with six months ago were rated “about the same” by 42.7% of respondents, with 12.5% describing conditions as worse and 44.8% as better. 

Among other considerations for regional executives:

  • Minimum wage: New minimum-wage requirements at the state, county or local levels are having no effect on 70.1% of respondents, with 24.7% describing it as having a somewhat negative effect, 3.1% very negative impact and 2.1% somewhat positive impact.
  • Housing availability: 68% of respondents said that housing availability was having a negative impact on their employees, with 46.4% describing it as somewhat negative and 21.6% viewing it as very negative. Respondents who viewed housing as having no effect on their employees totaled 30.9%. Just 1% of respondents said that housing availability was having a somewhat or very positive impact.
  • Construction of new facilities: Almost 31% of respondents said their companies might require construction of new facilities in 2025, with 3.1% having definite plans, 10.3% somewhat likely, 14.4% considering one or more projects, 3.1% already under construction and 69.1% not at all likely.
  • Office-space requirements: More than half of respondents — 61.9% — anticipate no change in office-space requirements in 2025, with 3.1% expecting a strong increase, 13.4% a moderate increase, 4.1% a strong decrease, 6.2% a moderate decrease and 11.3% responding “Not applicable.”

Respondents hailed from a variety of industries, including agribusiness, banking and finance, brewing, business services, construction, government, health care, life sciences, manufacturing, natural products, nonprofits, outdoor industry, real estate, renewable energy, traditional energy and technology.

BizWest’s CEO Roundtable program is sponsored by Plante Moran and Berg Hill Greenleaf Ruscitti LLP in the Boulder Valley and Northern Colorado. Bank of Colorado sponsors the program in the Boulder Valley, and Elevations Credit Union sponsors in Northern Colorado.

More than half of executives in the Boulder Valley and Northern Colorado expect improved economic conditions in the first quarter of 2025, but are concerned about potential tariffs imposed by a second Trump administration.

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Christopher Wood
Christopher Wood is editor and publisher of BizWest, a regional business journal covering Boulder, Broomfield, Larimer and Weld counties. Wood co-founded the Northern Colorado Business Report in 1995 and served as publisher of the Boulder County Business Report until the two publications were merged to form BizWest in 2014. From 1990 to 1995, Wood served as reporter and managing editor of the Denver Business Journal. He is a Marine Corps veteran and a graduate of the University of Colorado Boulder. He has won numerous awards from the Colorado Press Association, Society of Professional Journalists and the Alliance of Area Business Publishers.
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