Survey of CFOs Shows Resilience in Regional Economy

The fourth quarter 2018 Michiana Benchmark Business Index (BBI), compiled by the certified public accounting and consulting firm of Kruggel Lawton CPAs, reversed a downward slide of two straight quarters. The overall BBI was 58.64 out of a maximum possible score of 100, an increase of over five percent from the third quarter of 2018.

Kruggel Lawton conducts this confidential survey of CFOs in for-profit companies in the South Bend/Elkhart region on a quarterly basis. The survey tracks changes in companies’ revenue, profitability, and employment levels compared to the same quarter of the prior year, along with CFOs’ perception of the business outlook for their companies. Participating CFOs’ input on these four metrics is combined into the overall Benchmark Business Index to provide a barometer of the Michiana-area business climate.

Noteworthy fourth quarter survey results include:

“After declines in the BBI in the second and third quarters of 2018, coupled with a great deal of attention to potential cooling off in manufacturing (particularly the RV sector), the increase in the last quarter of the year is encouraging,” said Terry Bush, a director at Kruggel Lawton CPAs. “I believe the fourth quarter increases in all of the survey metrics, including CFOs’ outlook on the future prospects for their companies, indicates a resilience in our regional economy as we enter 2019.”

If you are a CFO in a Michiana area for-profit organization and would like to participate in this survey, please contact Terry Bush at or call 574-289-4011.

With office locations in South Bend and Elkhart, Ind., St. Joseph, Mich., and Knoxville, Tenn., Kruggel Lawton CPAs is a full-service accounting and business consulting firm offering assurance services, tax consulting, estate planning, business valuation, and business accounting services. Kruggel Lawton also has national and international capabilities as an independent member of the BDO Alliance USA.


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