Hutt Valley business confidence in New Zealand’s economy reflects some uncertainty since the start of 2018. While confidence in the overall economy has improved businesses are less confident about the performance of their own business in the current environment.
The latest Hutt Valley Chamber of Commerce Business Confidence Survey, sponsored by Red Hot Business Coaching show the following results:
Only 27% of respondents expect the national business situation to improve, 56% expect it to remain the same, and 18% expect it to deteriorate
A net 36% of business respondents said they expected their own business situation to improve over the next 6 months, compared to net 43% in December.
When asked if businesses thought the New Zealand economy will improve, remain the same or deteriorate in the next six months from March, a net 8.89% of respondents expected the situation to improve. This compared to net 4.65% in December, and net 35% year-on-year March 2017.
Business hiring expectations for hiring full-time staff have remained the same from the last quarter with a net 7% expecting to hire full-staff in the next three months. Part-time hiring intentions have decreased. Part of this is reflect in 30% of respondents say it was harder to find skilled staff than in the last 3 months.
President and acting Chief Executive of the Hutt Valley Chamber of Commerce, Neville Hyde said;
“Although this quarter’s business confidence survey for the Hutt Valley shows a bit of a mixed bag it is great to see that businesses are preparing to invest in the coming year. A net 8.2% of businesses expect to invest more in buildings over the next 12 months, compared to a net 5.8% in December. Investment in plant and machinery has also jumped from last quarter, with a net 14% of businesses expect to invest in the next 12 months, compared to a net of 1% in December. The difficulties local businesses are having around recruiting the right staff is a concern and seems to be a growing inhibitor to business growth.
It is great to see that even thought there has been some uncertainty in the business environment our business community is backing themselves to adapt and continue to grow.”
For more information contact Neville Hyde 04 9399821