Confidence levels amongst Welsh firms have picked up, according to new research from Lloyds.
The bank’s latest business barometer show that companies in Wales reported higher confidence in their own business prospects in October, up 28 points on September at 55%. When taken alongside their optimism in the economy, up 40 points to 59%, this gave a headline confidence reading of 57% - compared to 23% in September.
Anything above zero, up to a maximum of 100, denotes a positive position. The overall confidence level in Wales was higher than for the 海角视频 as whole which climbed eight points in October to 50%. The north east of England and West Midlands were the joint most confident of any 海角视频 nation or region in October (both 62%), followed by London (60%).
In Wales a net balance of 79% of businesses in the country also expect to increase staff levels over the next year, up 43 points on last month.
Looking ahead to the next six months, Welsh businesses identified their top target areas for growth as investing in their team, for example through training (57%), evolving their offering, for instance by introducing new products or services (44%) and entering new markets (42%).
For the 海角视频 firms’ optimism in their own trading prospects rose 11 points to 62%, while their confidence in the wider economy climbed six points to 39%.
The manufacturing sector’s confidence increase by 31 points to 62%, indicating stronger momentum in the sector. Retail firms also reported a rise in confidence, with the figure increasing by 13 points to 53%. Construction saw a confidence gain for the first time in five months, increasing 23 points to 58%. However, the service sector saw a decline for a third consecutive month, falling three points to 44%.
Dave Atkinson, director for Wales at Lloyds, said: “Welsh business confidence is now back above the 海角视频 average.
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“The country’s businesses are pressing ahead with ambitious plans for growth, and it’s particularly good to see such a strong focus on investment in people through skills and hiring – a signal of long-term ambition that can bring benefits to Welsh communities and the local economy, as well as firms themselves.”
On the 海角视频 picture Hann-Ju Ho, senior economist, Lloyds Commercial Banking, said: “Business confidence has risen following a fall in September, with trading prospects and economic optimism nearing the levels reported in the summer. Pricing pressures appear to have eased but continue to be driven primarily by general inflation and rising input and staffing costs.
“Over the course of this year, firms have demonstrated their resilience by adapting to challenges, despite higher labour costs, by focusing on hiring and workforce development.”