Make us your home page
Instagram

In wake of presidential election, area businesses seem certain … of uncertainty

President Barack Obama, in his acceptance speech in Chicago early Wednesday, reiterated his pledge to help boost U.S. economic growth.

Associated Press

President Barack Obama, in his acceptance speech in Chicago early Wednesday, reiterated his pledge to help boost U.S. economic growth.

For area businesses, the only certainty won by the presidential election is more uncertainty.

A spot check by Tampa Bay Times business reporters of executives and business owners after the election generated responses ranging from optimism in an already improving economy to fear the country is on a path to ruin.

Not helping was the Dow's plunge of 313 points Wednesday, aggravated by problems in Europe's economy.

In other words, it's business as usual — even after voters re-elected President Barack Obama.

Top of mind, most business managers told the Times, is the fast-approaching "fiscal cliff" that automatically triggers more than $600 billion of federal spending cuts and tax increases. Officially known as "sequestration," that cliff takes effect at the start of next year unless Congress acts.

Despite years of federal gridlock, many business managers still expect the country to avoid the cliff — or postpone it. Not everyone is so bullish.

"Hope I'm wrong, but I believe we will not address our growing debt," says Chuck Sykes, CEO of Tampa's Sykes Enterprises. "This is a very, very serious threat to our economy, and it requires a bipartisan effort to resolve. I just don't believe we'll proactively make the difficult decisions that are needed, given how divided the electorate is."

More optimistic is Tampa defense contractor Greg Celestan. While expecting a bipartisan agreement to emerge, he offers this criticism: "I hope that both parties realize that sequestration was a cowardly solution to duck responsibility for making tough choices on the budget."

"This is the most important issue facing the country at this time," adds Tim Main, CEO of St. Petersburg's Jabil Circuit, a global electronics manufacturer with 100,000 employees.

With Europe in recession and Asia and China slowing, the world looks to the U.S. to do what's right. Warns Main: "It's now time to show leadership and get the hard work done."

Others are less diplomatic. At Tampa's SynDaver Labs, which makes synthetic human body parts, Dr. Christopher Sakezles wants to open an overseas location to help insulate his company from the U.S. economy.

"I think we, as Americans, just missed our last chance to pull the country back from the brink of ruin," Sakezles says.

On the opposite side of the spectrum is Craig Sher, executive chairman of St. Petersburg's Sembler Co. construction business. He sees little change from re-electing a president who's already been in office four years.

"I think most of the country already 'baked' his winning into our future plans," Sher says. "The economy is gradually getting better and will continue to do so, barring any negative external events. The significant fiscal issues will have to be addressed."

Paradigm Learning, a 17-year-old St. Petersburg provider of workforce training, planned to add four new people to its workforce of 34. Now with Obama's re-election, company president Robb Gomez says it's too soon to know if that hiring will happen.

"Call me in a month," he says, once the company figures out any hikes in payroll taxes, insurance costs and health care.

Land broker Bill "The Dirt Dog" Eshenbaugh says the election was, for his clientele of developers, investors and land buyers, "not what they wanted to hear."

Yet building contractor president Wilbert Malphus of Tampa's Malphus & Son says he feels President Obama has America's "best interest at heart" and wants to give him more time.

"It has always been my opinion that one doesn't jump ship in the middle of the ocean, even if the ship is heading slowly to shore," he says.

That's an idea, based on the outcome of Tuesday's election, apparently shared by a majority of American voters.

Times staff writers Jeff Harrington, Drew Harwell and Susan Thurston contributed to this report. Robert Trigaux can be reached at trigaux@tampabay.com.

Post-election economy:
What business leaders say

"Since the federal government is now printing money (QE1 , QE2, QE3, etc.) in addition to borrowing at an unsustainable level, I expect the economy to turn downward in a severe and permanent way." Dr. Christopher Sakezles, president, SynDaver Labs, Tampa

"The economy is gradually getting better. We will have a reasonably short-term uncertain time, while the president and Congress actually understand and deal with the cards on the table. The 'fiscal cliff' and 'triggers' will have to be addressed and in my opinion will be, and we will move on in the new economic world." Craig Sher, executive chairman, Sembler Co., St. Petersburg

"It's pretty public knowledge that Barack Obama will ask the wealthy to pay more taxes, so that hits us directly. We're going to have less profit to invest back in our business, and what that means is in hiring people (and) investing in capital equipment." Robb Gomez, president, Paradigm Learning, St. Petersburg

"I think it's beyond the control of a politician. I think Obama is a little less friendly toward businesses, but I'm hoping that he will see the light. The economy is what it is right now, and it's in pretty bad shape." James Lanza, co-owner of Ciccio Restaurant Group in Tampa

"Today our phones aren't ringing with investors saying, 'Hey, man, I'm inspired. The next four years are going to be great.' " Bill "The Dirt Dog" Eshenbaugh, CEO of Eshenbaugh Land Co., Tampa

In wake of presidential election, area businesses seem certain … of uncertainty 11/07/12 [Last modified: Thursday, November 8, 2012 11:08am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Report slams Pinellas construction licensing agency and leaders

    Local Government

    LARGO — The Pinellas County Construction Licensing Board mismanaged its finances, lacked accountability and disregarded its own rules, according to a scathing report released Wednesday by the county's inspector general.

    Rodney Fischer, the executive director of the Pinellas County Construction Licensing Board, resigned in January.  [SCOTT KEELER   |   Times]
  2. A meatless burger that tastes like meat? Ciccio Restaurants will serve the Impossible Burger.

    Food & Dining

    TAMPA — The most red-hot hamburger in the nation right now contains no meat.

    Ciccio executive chef Luis Flores prepares an Impossible Burger Wednesday at the Epicurean Hotel Food Theatre in Tampa.
  3. Construction starts on USF medical school, the first piece of Tampa's Water Street project

    Health

    TAMPA — Dozens of workers in hard hats and boots were busy at work at the corner of South Meridian Avenue and Channelside Drive Wednesday morning, signaling the start of construction on the University of South Florida's new Morsani College of Medicine and Heart Institute.

    Construction is underway for the new Morsani College of Medicine and USF Health Heart Institute in downtown Tampa. This view is from atop Amalie Arena, where local officials gathered Wednesday to celebrate the first piece of what will be the new Water Street District. The USF building is expected to open in late 2019. [ALESSANDRA DA PRA  |   Times]
  4. Tampa Bay among top 25 metro areas with fastest growing economies

    Economic Development

    Tampa Bay had the 24th fastest growing economy among 382 metro areas in the country for 2016. According to an analysis by the U.S. Bureau of Economic Analysis, Tampa Bay's gross domestic product, or GDP, increased 4.2 percent from 2015 to 2016 to hit $126.2 billion.

    Tampa Bay had the 24th fastest growing economy in the country for 2016. Rentals were one of the areas that contributed to Tampa Bay's GDP growth. Pictured is attorney David Eaton in front of his rental home. 
[SCOTT KEELER | Times]
  5. Tampa Bay cools down to more moderate home price increases

    Real Estate

    The increase in home prices throughout much of the Tampa Bay area is definitely slowing from the torrid rate a year ago.

    This home close to Bayshore Boulevard in Tampa sold for $3.055 million in August, making it Hillsborough County's top sale of the month. [Courtesy of Bredt Cobitz]