Despite continued economic challenges, 64% of Canterbury businesses anticipate the economy will improve over the next year, Business Canterbury’s August Quarterly Canterbury Business Survey has shown.
Over the next 12 months, more than half (55%) of businesses plan to recruit staff, while almost two-thirds (59%) eye making investments in property, plant, or equipment.
Concerns cited by businesses in the region include consumer confidence and demand, productivity and growth, inflation and interest rates, compliance costs and cash flow and accounts receivable/payable.
“While still just below long-term averages for key business confidence metrics, overall positivity reflects how Canterbury operates – we don’t ride the booms and busts like other main centres, and right now that stability is our not-so-secret weapon,” Business Canterbury chief executive Leeann Watson said.
“In Canterbury, businesses are being established at twice the national rate. Our regional GDP is slightly positive, while the rest of the country faces nearly 1% retraction.”
“Right now, we are the most attractive place in New Zealand for people to live and work.”
“But we know confidence alone won’t carry us forever, and it’s certainly still very tough out there for many.”
Watson noted that although the desire for growth is strong, businesses cannot achieve it on their own. Growth-ready conditions must be created by both central and local government. With local elections happening now and a general election approaching soon, it is crucial to focus on policies that support investment, hiring, and innovation.
“Business Canterbury has recently sent a to-do list to council candidates, which clearly lays out how the business community sees councils’ roles in championing business growth in our region.”