Business confidence in the North West rose by 30 points during October to 57%, according to the latest Business Barometer from Lloyds.
Companies in the North West reported higher confidence in their own business prospects month-on-month, up 27 points at 71%. When taken alongside their optimism in the economy, up 34 points at 43%, this gives a headline confidence reading of 57% (vs. 27% in September).
A net balance of 65% of businesses in the region also expect to increase staff levels over the next year, up 40 points on last month.
Looking ahead to the next six months, North West businesses identified their top target areas for growth as introducing new technology, such as automation or AI (50%), evolving their offering with new products or services (47%) and investing in their team, for example through training (40%).
The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide.
Chris Whittle, area director for the North West at Lloyds, said: “It’s great to see that the shorter days aren’t dampening spirits in the North West, with business confidence levels now back above the national average. And a rise in the number of firms planning to hire is a clear sign of long-term investment for growth.
“As firms press ahead with their plans, we’ll be ready with our on-the-ground support to help make their goals a reality.”
