Sorry to rain on your parade, but this will only take a minute. A new report surveying leaders of technology companies indicates the U.S. economic recovery is two years away, instead of previous forecasts that it will happen in 2012.
The report, from consulting firm KPMG, showed that tech executives don’t plan to go on a hiring spree any time soon. KMPG surveyed 102 executives for the report: 71 at software and hardware companies with revenue of more than $1 billion, and 31 in companies with revenue between $100 million and $1 billion.
“Companies are less optimistic this year than they were a year ago,” KPMG partner Gary Matuszak said in an interview with Bloomberg. The silver lining? Many companies had an easier time showing growth in 2010 after 2009’s economic downturn.
Here are the 2011 survey’s top findings:
49 percent of executives interviewed put hiring on hold this year,
42 percent said hiring would return to pre-recession levels over the next 18 months,
21 percent said their headcount will never return to those levels,
52 percent said the U.S. market will lead their growth in the next 12 months, followed by China, Brazil and India.
65 percent ranked cloud computing as the biggest revenue driver, up from 55 percent a year earlier, followed by mobile applications and advanced data analytics.
Finally, some positive news for investment banks: Eight out of 10 technology executives said they expect their company will be involved in a merger or acquisition in the next two years.