The latest Business Barometer for the North West region reveals that business confidence soared 20 points in August to 53%.
The data, provided by Lloyds Bank Commercial Banking, showed that positive sentiment made a recovery from the previous month, when confidence levels fell by 10 points.
If you are investment planning in Cheshire, companies across the North West in August highlighted increased confidence in their own business fortunes, which was up 21 points month-on-month at 60%. Combined with broader economic optimism, this resulted in a headline figure confidence reading of 53% (it was 33% in July).
Looking forward to the next six months, businesses in the North West have emphasised the importance of investing in their teams via training (45%), new technology (41%) and penetrating new markets (38%). Across the North West a net balance of 45% of businesses are also anticipating hiring more staff in 2024-25 – up 25 points since July.
Firms’ confidence in the general economy also increased two points to 47%, while confidence remained above the long-term average at 54%.
Output expectations for different market sectors remained at, or close to, their three-year highs with construction, in particular seeing a sharp 14-point increase to 58%.
Speaking on behalf of Lloyds, their North West area director Jenny France attributed the resurgence of confidence to a more optimistic economic outlook.
The Business Barometer surveys 1,200 businesses each month and identifies trends in the regional and national economic landscape. Across the country overall, UK business confidence remained at 50% in August.
