Optimism Rules in 2010 as Majority of SoCal Tech Execs Believe
Worst of Economic Decline has Passed
According to second annual socalTECH.com/David James Agency survey, most see 2010 as year for business
improvement and growth; 75% say they will add employees
WESTLAKE VILLAGE, Calif., Feb. 1, 2010 – A recent survey of Southern California technology executives, shows that a sense of optimism has resumed as most believe the worst of the economic decline has passed with 82% of respondents expecting some level of growth in 2010.
When asked whether the industry has passed through the worst of the economic decline, 48% of respondents replied yes, with 35% unsure and only 17% replied no. Further evidence of optimism was revealed when 80% of respondents believe the forecast for 2010 will improve sometime within the twelve-month period.
However, optimism levels increased in the southern most counties surveyed. Only 36% of the respondents from Ventura County indicated that they felt that the worst of the economic troubles were behind us, while in Los Angeles County, 50%, and in Orange County 53% of participants felt that way.
These are part of the results of a non-scientific survey conducted using the socalTECH.com database of technology executives from Jan. 4 to Jan. 20.
The second annual survey, conducted by The David James Agency, garnered responses from 100 respondents ranging from San Diego County to San Luis Obispo County. Respondents covered the full spectrum of SoCal tech industries, including digital content, Internet and software, to name a few.
As evidence of this renewed optimism, many Southern California technology executives are taking action, with 75% of respondents planning to hire new employees in 2010. And while some companies will still need to reduce costs in 2010, a whopping 62% of respondents claimed that cost cutting would not be applicable to their company.
“Southern California is one of the top locations for technology companies and I think it will be reassuring to the industry as a whole to see these executives entering 2010 with a greater sense of confidence,” said Ben Kuo, socalTECH founder. “Based on the survey results, it looks like executives are expecting 2010 will be a growth year for the tech industry, which will be welcome news after a tough 2009.”
Last year’s survey was less optimistic as the 2009 survey results showed some level of sales decline had impacted 65% of respondents and 71% of technology companies had implemented one or more solutions as a way to cut costs.
However, as with the 2009 survey results, most respondents would still recommend Southern California to a colleague to relocate their technology business, citing quality of life as the main reason. Their biggest drawback to working in Southern California is the cost of business, followed by state taxes.
Editor’s Note: Download data here for Los Angeles County, Ventura County/Santa Barbara County and Orange County/San Diego County.
About socalTECH
socalTECH.com provides up to date news and information about high tech companies in Southern California, including interviews, a calendar of local events, and a database of technology firms in the region. socalTECH.com has been dedicated to promoting the technology industry in Southern California since 1998, and provides the most in-depth, up-to-date, and focused view of high tech in the Southern California area.
About The David James Agency
The David James Agency LLC specializes in public relations, social media and marketing communications for start-up and emerging technology companies. Founded in 2003, DJA currently services clients in a variety of high-tech industries, including semiconductors, telecom and wireless services and infrastructure, networking, clean power and energy, and enterprise software. More information about The David James Agency LLC is available at www.davidjamesagency.com.
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Media Contact:
Amber Hack/David Rodewald
amber@davidjamesagency.com
(805) 494-9508
