CEO Roundtable survey: Execs more pessimistic looking ahead

Respondents to BizWest’s quarterly survey of regional executives appear slightly more pessimistic about economic conditions than in the prior quarter.

That’s according to the second-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 45% of respondents expect business conditions to remain about the same in the second quarter, with 21.3% expecting improvement and 33.8% anticipating worsening conditions. That’s worse than the first-quarter survey, when about 28% expected the economy to worsen.

Respondents referenced uncertainty in the economy and geopolitical issues as weighing on growth.

“Classical ‘uncertainty’ … who is Trump going to invade next, Cuba?” one respondent said. “Every time he does something like this, customers STOP buying.”

“The combination of municipal approval processes coupled with the interest rate and tariff pressures makes predictability in project start timeframes a key variable that we are trying to stay on top of in 2026,” said one respondent.

Almost a quarter of respondents — 25.3% — said business conditions were better than six months ago, compared with 31.7% in the first quarter. A higher percentage — 40.5% — said conditions were about the same, with 34.2% saying conditions had worsened.

More than half of respondents identified interest rates (58.8%), inflation (55%) and geopolitics (51.3%) as affecting their businesses.

More than two-thirds of respondents said that tariffs have negatively affected their business, with 61.3% saying they’ve had a somewhat negative impact and 8.8% saying tariffs have had a very negative impact. A small percentage of respondents — 1.3% — said tariffs have had a somewhat positive impact, 28.8% seeing no impact.

Reflecting a somewhat stagnant jobs market, 58.8% of respondents expect staffing levels to remain about the same in the first quarter, with 11.3% expecting a moderate decrease. Another 27.5% expect a moderate increase, 1.3% expect a strong decrease, and 1.3% expect a strong increase.

Expected capital expenditures reflect a similar sentiment, with 51.3% expecting no change, 13.8% a moderate decrease, 3.8% a strong decrease, 30% a moderate increase and 1.3% a strong increase.

Among other considerations for regional executives:

• Minimum wage: Most respondents (81.3%) seem unbothered by new minimum-wage requirements at the state, county or local levels, stating that they have had no effect on their business. 17.5% said the hikes have had a somewhat negative impact, and 1.3% said they were having a very negative impact.
• Housing availability: A majority of respondents said that housing availability was having a negative impact on their employees, with 45% describing it as somewhat negative and 13.8% viewing it as very negative. Respondents who viewed housing as having no effect on their employees totaled 38.8%. About 2.5% saying it was somewhat positive.
• Construction of new facilities: Three-fourths of respondents said their companies are not at all likely to require new facilities, with 11.4% considering one or more projects, 6.3% somewhat likely and 5.1% with definite plans.
• Office-space requirements: Almost two-thirds (63.8%) of respondents anticipate no change in office-space requirements in 2026, with 5% anticipating a moderate decrease in square footage, 3.8% a strong decrease, 13.8% a moderate increase and 1.3% a strong increase. Another 12.5% said it was “not applicable.”
• Commercial-property assessments: Almost one-third of respondents (31.3%) said they’ve experienced a moderate increase in assessed valuation of commercial property, with 11.3% describing a high increase, 2.5% moderate decrease, 1.3% a large decrease and 33.8% “not applicable.”

Among respondents’ other comments:

• “Chaos. We love chaos.”
• “Slow economy due to tariffs, oil/Iran, and inconsistent policies from Trump.”
• “Getting multi-family projects to pencil.”
• “Trump’s negativity towards carbon reduction.”
• “Over supply of housing. Too many options available, making decisions on the client side harder. Directly impacting how much time we spend for the same rate. Basically working more for less.”
• “Political environment in Colorado decreases the desire of businesses to work in our state. Other than healthcare, slowdown of projects.”

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.

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