NO 500: Leaders cautiously optimistic for 2023

NEW ORLEANS — In a November email survey, the editorial team at Biz New Orleans asked members of the New Orleans 500 to compare their company’s revenue in 2022 with numbers from 2021 and to forecast for 2023 .

Notably, despite inflation, rising interest rates, labor shortages and supply chain issues, 70% of respondents said 2022 numbers improved by a year. on the other – and that same percentage expects 2023 revenue to be even better.

The responses show that, despite difficult conditions, many business owners are doing reasonably well in the post-pandemic economy and that they remain cautiously optimistic overall.

Several survey respondents who work in the construction industry, in particular, illustrate this phenomenon.

“The industry seems busier than ever,” said Jordan Gurren Rose, co-owner of GoodWood NOLA, a New Orleans-based design and construction firm specializing in custom furniture and architectural fabrication. “As long as major commercial projects remain on track, the outlook for 2023 looks promising.”

Anne Teague Landis, CEO of Landis Constructionsupports this idea, but urges caution.

“While we expect to see revenue growth in 2023, it will be a very challenging market environment,” she said. “So while managing our growth, risk management will be more important than ever.”

Meanwhile, the two Michael Holly of Holly & Smith Architects and Gwendolyn Sanders, President of Eustis Engineeringremain hopeful while factoring a recession into their business plans.

“While we know a recession is forecast for 2023, our sources say it will be superficial and short-lived,” Holly said. “We are prepared for 2023 and what it will bring and look forward to 2024. Our attitude is quite positive for this region.”

“Our 2022 revenue has only grown in the past few months due to federal projects funded through the Infrastructure Investment and Jobs Act,” Sanders said. “However, this upward trend may last only part of 2023. As federal spending declines after the election and the country enters a recession, we expect the end of 2023 to be down.”

Revenue

Source: New Orleans 500 email survey November 2022

Here are some of the other notable responses from leaders in other industries:

“Poultry costs have risen more than the rate of inflation due to shortages caused by the pandemic, and many processing plants [have converted] to deboning plants due to the high demand for deboned breast meat. This has resulted in a shortage of tenders and bone-in chicken. We are expanding from three chicken processing plants to five in 2023 to help alleviate shortages and costs. — Dan Shapiro, CEO of Krispy Krunchy Foods

“America continues to discover the joy of outdoor camping. All indicators point to continuation in 2023.” — Terry Broussard, CEO and co-founder of Spot2Nitean online marketplace for RV travelers

“As a non-profit organization, our leadership team studies market trends and their effect on our investment earnings and changes in corporate philanthropic giving following the rise of a younger generation. to C-Suite leadership positions. … It is difficult to forecast income/expenses with these moving targets. — Torie Kranze, CEO of the National Kidney Foundation of Louisiana

“The post-COVID recovery and hiring trends are positively impacting the benefits space, which represents a large portion of our customer base.” — Shaun Norris, President of Hub International Gulf Southan insurance brokerage firm

“Empower Your Cents won two grants that allow us to provide financial literacy to the New Orleans community. MSC Financial Services extends its accounting, tax and strategy coaching services. — Lori Jackson, MSC Financial Services

“We expect to acquire more new business and expect current customers to add more services that are currently on hold.” — McKenzie Lovelace, Founder/CEO of FSC Interactivea digital marketing agency

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