Business leaders in the Birmingham-Hoover area predict a continued decline in economic conditions for the rest of 2023 according to the most recent report from the Alabama Business Confidence Index (ABCI).

While a downturn in the fourth quarter of the year is normal, according to Birmingham Metro Black Chamber of Commerce President Curtis Richardson, he said whether things look up in the first quarter of 2024 will largely depend on the turn of the national economy.

“It’s all based on how the [U.S.] economy will shape out moving forward,” he said. “It’s so many different things and we still don’t know what kind of increases we’ll see moving forward. But there will be hikes [inflation] and that all rolls down.”

The index, established by the Culverhouse College of Business at the University of Alabama, is based on a survey completed by a panel of regional business leaders prior to each financial quarter.

Panelists are asked to rank their confidence for the upcoming quarter in the following categories: