Business conditions in the first quarter of 2026 might look a lot like recent quarters, with a majority of executives expecting them to improve or stay about the same.
That’s according to the first-quarter CEO Roundtable Executive Survey, conducted by BizWest. The quarterly survey focuses on C-level executives in the Boulder Valley and Northern Colorado. BizWest conducts CEO Roundtables in both areas, with executives gathering to discuss trends, opportunities and challenges within their industries.
Almost 43% of respondents expect business conditions to remain about the same in the first quarter, with 29.3% expecting improvement and 28% anticipating worsening conditions. That’s better than the fourth-quarter survey, when about 40% expected the economy to worsen.
But more of the same is not necessarily a good thing, according to one respondent.
“Economic stagnation is a deal killer,” said one respondent from the commercial real estate sector. “Uncertainty and stagnation can go hand-in-hand. Overall, we are cautious and worried about the 2026 economy but hopeful that our brokers will find a way to meet our clients’ needs in this challenging economic landscape.”
Almost a third of respondents — 31.7% — said business conditions were better than six months ago, compared with 17.7% in the fourth quarter. A higher percentage — 37.8% — said conditions were about the same, with 30.5% saying conditions had worsened.
Two-thirds of respondents said that tariffs have negatively affected their business, with 50% saying they’ve had a somewhat negative impact and 17.1% saying tariffs have had a very negative impact. A minority of respondents — 4.9% — said tariffs have had a somewhat positive impact, with 2.4% saying they’ve had a very positive impact and 25.6% seeing no impact.
Reflecting a somewhat stagnant jobs market, 64.6% of respondents expect staffing levels to remain about the same in the first quarter, with 8.5% expecting a moderate decrease. Another 24.4% expect a moderate increase, and 2.4% expect a strong increase.
Expected capital expenditures reflect a similar sentiment, with 54.9% expecting no change, 9.8% a moderate decrease, 6.1% a strong decrease, 25.6% a moderate increase and 3.7% a strong increase.
Among other considerations for regional executives:
• Minimum wage: New minimum-wage requirements at the state, county or local levels are having no effect on 76.8% of respondents, with 15.9% describing them as having a somewhat negative effect, 6.1% very negative impact and 1.2% somewhat positive impact.
• Housing availability: Almost two-thirds of respondents said that housing availability was having a negative impact on their employees, with 42% describing it as somewhat negative and 22.2% viewing it as very negative. Respondents who viewed housing as having no effect on their employees totaled 32.1%. About 2.5% of respondents said that housing availability was having a very positive impact, with 1.2% describing it as somewhat positive.
• Construction of new facilities: About 21% of respondents said their companies might require construction of new facilities, with 3.7% having definite plans, 6.2% somewhat likely, 7.4% considering one or more projects, 3.7% already under construction and 79% not at all likely.
• Office-space requirements: Half of respondents anticipate no change in office-space requirements in 2026, with 1.2% expecting a strong increase, 22% a moderate increase, 2.4% a strong decrease, 7.3% a moderate decrease and 17.1% responding “Not applicable.”
Respondents hailed from a variety of industries, including agribusiness, banking and finance, brewing, business services, construction, government, health care, life sciences, manufacturing, natural products, nonprofits, outdoor industry, real estate, renewable energy, traditional energy and technology.
BizWest’s CEO Roundtable program is sponsored by Plante Moran and Berg Hill Greenleaf Ruscitti LLP in the Boulder Valley and Northern Colorado. Bank of Colorado sponsors the program in the Boulder Valley, and Elevations Credit Union sponsors in Northern Colorado.
Respondents were asked the greatest challenge or opportunity facing their business or organization in the first quarter. Among the responses:
• “The greatest challenge and opportunity are AI (artificial intelligence) adoption, integration, and leverage. AI could be a threat to certain aspects of our business, but it also has the potential to be a significant accelerator for us. It all comes down to our willingness and ability to properly use the technology. So, it is both threat and opportunity.”
• “Way better in 2025 and 2026 vs. 2020-2024.”
• “(President Donald) Trump’s inconsistent direction, poor leadership, and retribution against Colorado and science in general.”
• “Increased assessed valuations have increased property tax payments, increasing the cost of doing business. One of the greatest challenges is the increased cost of housing, making home ownership unaffordable for many. This is causing a slowdown in construction which is an important segment to our overall economic health.”
• “Federal government budget and funding uncertainty.”
• “Integration or assimilation of enhanced AI solutions into existing workflow processes.”
• “I am a B2B service and small businesses are struggling financially. So all the economic impacts hurt my clients as well as my business.”
• “We are growing quickly and hiring a lot of team members. Some remote but also many in Colorado to work hybrid out of our Fort Collins or Denver offices.”
• “The high assessed valuations for commercial property and the effect the increase in property taxes has on our tenants that are leasing space in our buildings. They are getting to the point where they cannot afford to be in the immediate area due to increased property taxes that affect occupancy costs.”
• “Changing tax laws and impacts to donations. Also concern for the macro economic conditions impacting employment and thereby reducing charitable giving.”
• “The uncertainty of the current administration. Crazy people in leadership who are very self centered. Makes my clients want to leave the U.S.”
This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2026 BizWest Media LLC.
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