Chico, CA (PRWEB) July 14, 2014
Golden Valley Bank has just published its latest Chico Economic Index (CEI) with a fresh new look. The CEI is a quarterly report measuring the status of the local economy to assist Chico area businesses in staying abreast of local economic conditions. The new layout of both the Chico Economic Index, and accompanying Chico Business Confidence Survey, are designed to be more user-friendly by providing graphical snapshots to quickly compare current economic conditions to that of the past as a way to measure growth and confidence by fellow business owners.
The Chico Economic Index is comprised of five seasonally adjusted and equally measured categories – sales tax, transient occupancy tax (TOT), dollar value of building permits issued, unemployment and average housing sales prices. “We selected these categories for a few reasons,” said Golden Valley Bank President, Mark Francis. “While none of them are scientific, they provide a solid snapshot of how the community is doing economically, especially when compared year to year or quarter to quarter. We are using first quarter of 2007 as our base year.”
Also enjoying a recent make-over is the Chico Business Confidence Survey. This five question, multiple choice survey is designed to capture the sentiment of how local business owners and managers feel about the prospects of their own companies in the year ahead and how they feel the local and national economies will perform over the next 12 months. Responses are then aggregated and a score of between 0 and 100 will be computed. A score over 50 indicates overall optimism about the local economy and a score below 50 indicates doubt. “It will be quite interesting to view the comparisons over time from year to year and quarter to quarter,” Francis noted. “We will be comparing the results of the Confidence Survey to the results of the Economic Index from the same time period and then provide the information to the community. Our goal is to empower businesses to have even more information at their fingertips when considering expansion, growth and making other key decisions."
Flash reports are also provided to the community every quarter reflecting current updates on Building permits and Housing reports via email distribution (open to anyone) and print form.
When asked why Golden Valley Bank takes the time to produce such a report, Francis candidly responds, “I have lived in Chico my entire life and have been in banking for 31 years. It’s a common question asked time and time again. Quite honestly, it’s always been a somewhat educated, seat of the pants guess based on what we are hearing from customers and business associates in town. Being a bank that’s founded by locals for locals it seemed a natural fit to produce a report that would have both objective measures of where we have been and subjective measures of where we are going. That’s what we are working to accomplish with this publication.” The Chico Economic Index and Business Confidence Survey are available to all and can be delivered to your inbox via email signup on GVB’s website.
Golden Valley Bank is a Chico, CA community bank rooted in the city in which it was created. Founded in 2006 by local business people, Golden Valley Bank is thriving and still locally owned, managed and run by its Directors, Shareholders, Officers and Staff that live in the community. Golden Valley Bank has re-imagined the concept of Community banking by its commitment to the customer experience, its support of local organizations and sponsorship of community wide events. For more information and a complete list of services offered, please visit our website or call (530) 894-1000.