Business Confidence – It’s not all doom and gloom according to Business Canterbury survey

Business Canterbury has today released its August Quarterly Canterbury Business Survey, which shows a business community remaining positive despite the ongoing wait for the light at the end of the tunnel to get closer.

Despite ongoing economic pressures, 64% of Canterbury Businesses expect the economy to strengthen over the next year. More than half (55%) plan to hire, and nearly two-thirds (59%) intend to invest in property, plant or equipment over the next 12 months.

Survey Highlights:

• 64% expect the Canterbury economy to strengthen over the next year

• 55% plan to hire staff (vs. 61% long-term average)

• 59% intend to invest in property, plant or equipment (vs. 63% long-term average)

• 79% confident in their ability to manage disruption

• Top issues (In order): Consumer confidence and demand, Productivity and growth, Inflation and interest rates, Compliance costs and Cashflow and account receivable/payable.

Business Canterbury Chief Executive Leeann Watson says, “While still just below long-term averages for key business confidence metrics, overall positivity reflects how Canterbury operates – we don’t ride the booms and busts like other main centres, and right now that stability is our not-so-secret weapon.

“In Canterbury, businesses are being established at twice the national rate. Our regional GDP is slightly positive, while the rest of the country faces nearly 1% retraction. Right now, we are the most attractive place in New Zealand for people to live and work.

“But we know confidence alone won’t carry us forever, and it’s certainly still very tough out there for many.

“While intent to grow is strong, businesses can’t do it alone. We need growth-ready conditions shaped by both central and local government, and with local elections underway and a general election quickly approaching, now is the time to prioritise settings that enable investment, hiring and innovation.”

“Business Canterbury has recently sent a to-do list to council candidates, which clearly lays out how the business community see councils’ roles in championing business growth in our region.”

Business Canterbury, formerly Canterbury Employers’ Chamber of Commerce, is the largest business support agency in the South Island and advocates on behalf of its members for an environment more favourable to innovation, productivity and sustainable growth.