The San Diego Regional Chamber of Commerce’s latest business outlook index, released Wednesday, shows sentiment is "in solidly positive territory," and that 29 percent of businesses surveyed anticipate taking action to counteract the upcoming minimum wage increase.
The index, which took the temperature of local businesses from July 15-31, was at 20.7, slightly lower than the prior month, and nearly unchanged from July 2016. With zero being neutral, the index runs from -100 to +100.
"The positive stability we’re seeing in 2017 is largely due to optimistic expectations for increases in revenue and improvement in industry business conditions,” said Tom Wornham, president and CEO of San Diego Private Bank, which sponsors the index, in a news release.
This installment of the index also asked businesses about the minimum wage increasing next year to $12.50 in the city of San Diego and $11.50 elsewhere in the county. According to the news release, "a large majority of business people say the minimum wage increase will not affect their companies," but 29 percent said they expect to take action in response to the increase, including raising prices.
The index is based on a survey of randomly selected members of San Diego, East County, Alpine, Escondido, Lakeside, Vista, Santee, Encinitas and National City Chambers of Commerce.