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Gradual Improvement in Bay Business Confidence
April 23, 2012
Gradual Improvement in Bay Business Confidence
The latest (March 2012) Quarterly Survey of Business Opinion from the NZ Institute of Economic Research has been regionally released through the Chamber of Commerce and shows a gradual recovery in the Hawke’s Bay economy.
The survey reveals a strong overall rise in business outlook after a slight fall in the December quarter and consistent with the positive rise in the middle two quarters of 2011.
There was continued optimism in profitability and improvements in average selling prices with businesses anticipating that profitability will increase slightly during the next three months.
“Hawke’s Bay businesses, on balance, found the end of 2011 very challenging however 2012 has started with more optimism and a slight increase in confidence,” said Chamber CEO Murray Douglas.
“Importantly, investment decisions about plant and machinery are trending positive after a drift during 2011”.
Mr Douglas said Hawke’s Bay firms still faced challenges when recruiting appropriately skilled labour, which could impact on performance, although unskilled labour needs were being met.
A positive shift could be seen in employment, with surveyed businesses anticipated to slightly increase job opportunities during the first three months of this year.
Overall, Hawke’s Bay domestic trading activity rose during the last 3 quarters, albeit from a negative position at the start of 2011.
The Hawke’s Bay results cover some 200 regional businesses operating in many different sectors of the local economy, over the period since 1987. The firms contacted are asked whether each particular business confidence factor has increased, stayed the same or increased/improved over the past quarter.
The survey is a useful barometer of the current state of the economy. It is also useful in forecasting economic activity in the shortterm by providing information on future plans, and the likely direction and composition of economic growth in coming quarters.
ENDS
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