Swansea Bay business confidence rises in first quarter of 2014

Swansea Bay business confidence has grown in the first quarter of 2014 according to the latest Swansea Bay Business Club quarterly Business Barometer.

The second Business Barometer has revealed a nine per cent rise, from 40 to 49 per cent, in the number of businesses throughout the region that responded that the overall performance of their business had been somewhat stronger than the previous quarter, with another 41 per cent stating the performance had been on a par with the previous quarter.

The quarterly Business Barometer which monitors the performance and attitudes of local businesses towards the economy also found that the outlook for the quarter ahead looks even more positive with a staggering 20 per cent rise from 26 to 46 per cent in the number of businesses that stated they anticipate their performance over the next quarter to be somewhat stronger than the last quarter, with the same amount (46 per cent) expecting that the next three moths will see their performance remain the same. There was also an eight per cent increase in the number of businesses expecting to increase staffing levels, from 23 per cent to 30 per cent.

Continuing to look ahead, when asked what was the single largest barrier to the business growth, price pressures from customers remained at the top at 38 per cent, up from 23 per cent in the last survey. The effects of the global and national economic performance remained as the second biggest barrier with 13 per cent of the vote, down one per cent on the previous survey.

The survey revealed a four per cent drop in the number of businesses reporting difficulties in obtaining finance and credit facilities from 13 per cent to eight per cent but a three per cent rise in concerns about the availability of skilled workers from five to eight per cent.

Commenting on the results of Swansea Bay Business Club’s second Business Barometer, Business Club President Bruce Roberts said: “It is a new year and seemingly the time for a new chapter in the local economy. Theoutcome of the second Business Barometer is encouraging with a continued rise in business performance and a staggering leap of 20 per cent in positivity and optimism for the second quarter of the year. Of course, concerns around price pressures and the global and national economic performance remain but our survey results show that the local economy is making progress, despite these challenges.

“It is clear that businesses in Swansea Bay remain resilient and we are confident that growth will continue to gradually improve over the coming months and years. As a business club we are committed to supporting the Bay’s businesses and we hope to use these findings to work with key decision makers to inform the right policies for business growth in the area.”