The Brazos Valley economic development corporation (BVEDC) just finished visiting with high level executives of more than 50 local companies about the impact of the pandemic.
BVEDC president Matt Prochaska says half of the companies experienced increased revenue last year and 42 percent maintained revenue last year compared to 2019. And 92 percent plan to add employees by May of next year.
Prochaska also says 90 percent of those surveyed also had a favorable view of the support they receive from the two cities, the county, and Texas A&M.
Companies in the professional services industry made up 35 percent of the survey. Banking companies made up 14 percent. Real estate made up 10 percent, and the construction and contractor sectors made up 10 percent.
The companies that were surveyed employed fewer than ten to more than 500 employees. A little more than half employed between five and 45 people.
And Prochaska says the pandemic has not slowed down the interest by prospective companies to consider a move to the Brazos Valley.
Click below for comments from Matt Prochaska, visiting with WTAW’s Bill Oliver:
News release from the Brazos Valley EDC:
A Brazos Valley Economic Development Corporation survey of dozens of local companies shows signs of an economy which weathered the pandemic-fueled downturn of 2020 and is primed for growth moving forward.
From March to June 2021, the BVEDC conducted its survey in-person, over the phone and via email with high-level executives at more than 50 companies. The vast majority are members of Invest Brazos Valley, the group of private investors helping make economic development in the community possible.
Representatives from 50 percent of the surveyed companies said their revenues grew in 2020, while 42 percent said they maintained. Only 8 percent of companies had revenues which contracted in 2020.
When asked about future hiring, 92 percent of respondents said they planned to add employees by May 2022.
As for the business climate, 90 percent of those surveyed said their view of the Brazos Valley was favorable when it comes to continued expansion. The remaining 10 percent noted that they weren’t planning on expanding here at this time because of their business model for growing their company, not because the Brazos Valley doesn’t present growth opportunities.
“A common thread among the businesses surveyed was that they are anticipating the rebound,” said BVEDC Business Outreach and Engagement Coordinator Kait Jones. “Businesses are already thinking about plans for growth and expansion. The common characteristics of being forward-thinking and flexible helps our community meet these challenges. Knowing what our local businesses have gone through and seeing their confidence makes us appreciate this next chapter of recovery even more.”
The companies surveyed represent a wide array of industries and ranged in size from less than 10 employees to more than 500.
“The results from this survey of the Brazos Valley business community are another reminder that our companies are resilient and strong, even in the midst of the unprecedented challenges from the COVID-19 pandemic,” said BVEDC President/CEO Matt Prochaska. “We are grateful for the opportunity to engage with and support our local economy, and we look forward to continuing to provide value going forward.”
The June 2021 edition of “Economic Indicators of the College Station-Bryan MSA” showed continued growth in the Brazos Valley economy. The College Station-Bryan Business-Cycle Index has regained significant ground in the year-plus since the worldwide health crisis caused steep declines in the American economy.