Each year, ADVANTAGE AUSTRIA, in collaboration with the Vienna University of Economics and Business, conducts the Global Business Barometer (GBB) survey to gather insights from Austrian subsidiaries worldwide. The 2024 edition, themed “Sharing is Caring,” offers valuable findings on the US market, where Austrian companies continue to perform exceptionally well.
Optimistic Outlook for 2024
The survey reveals a strong sense of optimism among Austrian businesses in the US:
- The US economic climate is perceived as more favorable than the global average.
- Companies anticipate growth in sales, order books, and capacity utilization over the next 12 months, reflecting high confidence in the market's potential.
Navigating Challenges in a Growing Market
While the outlook remains positive, Austrian subsidiaries face notable challenges, including:
- Rising labor costs and elevated prices for raw materials.
- Issues related to public subsidies, procurement processes, and digitalization.
- Persistent geopolitical risks impacting business strategies and economic activities.
Innovation and Sustainability Drive Growth
Innovation and sustainability emerge as key priorities for Austrian companies:
- Nearly 50% of respondents identify artificial intelligence as increasingly significant for their products and operations over the next year.
- Austrian businesses report a stronger focus on sustainability within their US operations compared to the broader market, underlining their commitment to responsible growth.
Retaining Talent Through Incentives
Employee retention remains a critical focus, with performance bonuses and incentive payments recognized as the most effective tools to engage and motivate talent in a competitive labor market.
Resilient and Future-Focused
The GBB survey highlights the adaptability and forward-thinking approach of Austrian companies operating in the US. By prioritizing innovation, sustainability, and talent retention, Austrian businesses are well-positioned to leverage opportunities in one of the world’s most dynamic markets.
For the full survey results, visit the Downloads section below.
