Three-fourths of energy companies see growing revenue, profits, employment & investment
Houston, TX -- (SBWIRE) -- 01/23/2014 -- Texas business owners foresee a Goldilocks-like economic performance for their companies and the state’s economy in 2014 – not too hot, not too cold, but just about right, according to the UHY LLP Texas Business Outlook Survey.
The public accounting firm’s January survey found a broad majority of Texas business executives expecting some – but not significant – growth in key performance measures including economic growth, employment, capital investment, and their companies’ revenues and profits.
“An average of 60% of Texas business managers forecast ‘some’ growth in these performance measures, while 14% anticipate ‘significant’ growth,” said UHY Advisors-Texas CEO Ron Martin. “While this is likely a stronger 2014 outlook than in most other states, it still means companies will need to hold their focus on competing efficiently,” Martin said.
“The outlook for energy companies in Texas remains extremely strong,” according to Martin. “Of those survey respondents with a majority of their revenues related to energy, three-fourths forecast some or significant growth in revenues, profits, employment and investment in 2014.”
A large majority (87%) of Texas employers of all sizes and in all industries overwhelmingly expect to provide their employees with company healthcare plans in 2014, including 77% of companies with fewer than 50 employees. Just 7% of survey respondents plan not to offer company healthcare plans in 2014, and only 2% will move their employees to Obamacare exchanges.
Company executives do not expect International sales to contribute much to 2014 growth in Texas. Only one-in-eight survey respondents forecast their companies’ international sales will show significant growth in 2014, and slightly more than one-fourth predict some international growth; 60% expect their international sales will remain about the same as in 2013.
The Texas Business Outlook Survey, conducted January 7-10, 2014, includes responses from executives of 193 Texas companies, 66% with revenues under $250 million and 15% over $1 billion. More than one-third (39%) of the respondents’ companies are corporations, 45% are partnerships or LLCs. One-third of respondents’ (37%) companies derive more than 90% of their revenues directly or indirectly from the oil and gas industry, and another third (33%) rely on oil and gas for less than 25% of their revenue.
A copy of the full survey results is available by contacting firstname.lastname@example.org.
About UHY LLP
UHY LLP, a licensed independent CPA firm in Texas, performs attest services through an alternative practice structure with UHY Advisors TX, LLC. UHY Advisors TX, LLC conducts operations in Texas as a subsidiary of UHY Advisors, Inc. The firm also has an office in Dallas. UHY Advisors, Inc. and its subsidiary entities have nearly 1,000 professionals providing services from 14 offices throughout the United States. UHY Advisors is ranked as one of the Top 20 professional services firms providing tax and business consulting services in the country by Accounting Today. UHY Advisors, Inc. and UHY LLP are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. For additional information, please visit their website at http://www.uhyllp-us.com.
UHY LLP is a licensed independent CPA firm that performs attest services. UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms.