Hawaii businesses say they are optimistic for 2012

This year, Hawaii business leaders say their companies have seen jobs, revenue and profits decline but then improve. That led most to be optimistic about the coming year, according to the Business Outlook and Sentiment Survey released June 1 by Hawaii Business Magazine and QMark Research.

Of the 400 randomly surveyed business leaders, 34 percent predicted that the overall economy would improve in 2012, while 24 percent of them said that they expected declines and 42 percent said the economy would remain the same. Their answers put the BOSS performance index, which is based on changes in jobs, gross revenue and profit, at its highest level since the second quarter of 2008.

Still, many businesses, construction companies in particular, said they were still suffering, and 31 percent have been hurt by rising energy costs. As a result, 41 percent of all businesses surveyed reported reduced profits, while 40 percent reported higher profits. More than a third of the businesses that were surveyed planned cost-cutting measures, but most surveyed did not plan to make big spending changes.

QMark spoke with the company owners, CEOs or other senior executives during the survey, which was conducted April 12-20 by telephone.