Business operators in Canterbury have renewed confidence in the market's recovery across the region, according to new survey results.
The confidence-led economic recovery is underway in Canterbury, with buoyancy across the region’s business community shifting firmly into action, according to Business Canterbury’s latest quarterly business survey.
“Following a period of increasing business confidence but lagging investment and hiring intentions, businesses are now reporting fuller pipelines, faster customer decision-making, and a willingness to progress projects that were previously on hold,” said Business Canterbury Chief Executive, Leeann Watson.
The survey results show that 76 percent of Canterbury businesses expect the regional economy to be stronger over the next 12 months, 71 percent plan to invest in property, plant, and equipment, and 70 percent anticipate hiring new staff. At the same time, 84 percent say they’re confident in their ability to deal with disruption.
“The results show the highest levels of confidence and expected investment activity since Business Canterbury launched its quarterly survey in July 2022.
“What we’re hearing on the ground matches this optimism we are seeing in our survey results. Strong customer relationships and rebounding pipelines are now translating into real spending. Confidence is turning into activity, with businesses beginning to green-light discretionary projects, bring investment decisions forward, supported by government initiatives such as Investment Boost, and commit to hiring for growth at a rate we haven’t seen for some time.
“While the results are very positive for our local economy, businesses are keeping a close eye on the headwinds they’re still navigating, including consumer confidence and demand, productivity, compliance costs, cashflow, and concern about inflation and interest rates, particularly in light of conflict in the Middle East,” she said.
“To lock in this momentum, we need stable policy, investment in enabling infrastructure ahead of demand, and continued work on reducing red tape and ensuring regulation keeps up with innovation, so confidence can keep turning into real economic activity.”
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