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Taranaki businesses are confident that business conditions are on the improve, but remain cautious as to how much longer the global recession will impact on the region.
The latest 6-monthly Taranaki Business Survey, conducted by Venture Taranaki, indicates that amongst the region’s businesses there is growing optimism about the national and local economies over the coming 12 months.
“In the six months since the last survey, we’ve seen a dramatic shift in the mood amongst the region’s businesses,” says Venture Taranaki Chief Executive Stuart Trundle.
“When considering the national economy, optimists now outweigh pessimists by the most significant margin in the survey’s ten year history. 56 percent of Taranaki businesses see the economy improving over the coming 12 months, and just 6 percent predict a deterioration.
“Within specific industries, there has also been a marked reversal of outlook, though slightly less pronounced – 50 percent of Taranaki businesses see the coming 12 months as improving, and around 8 percent getting tougher.
When comparing the impacts of the global recession on the national and regional economies, while there is a widespread feeling that the worst of the recessionary economic climate is behind us, we’re not yet in a position to relax - 43.9 percent of Taranaki businesses see the worst of the recession behind us.
“Our region’s businesses have stated that recovery from the recession will be led at nationwide level. This reflects the region’s export focus, and the impact of the wider national economy on Taranaki.”
The number of businesses having difficulty filling skill shortages is also declining, with 15.8 percent indicating they’re finding it hard to fill vacancies. This is down from 46.5 percent in November 2007.
“In two years we’ve seen a turnaround in the region’s ability to meet the skills gaps of its businesses. While a more active approach to attracting people to the region has helped, that shift also reflects slower business growth and expansion in some corners, as a result of the recession.”
“The signs of recovery are good for Taranaki businesses. Half of the region’s businesses expect sales to pick up in the next 6 months, and we have seen a marked increase in the region’s confidence and positivity as a result.”
This message is also reinforced through business views on what the key issues for 2010 will be. While a number of businesses are still concerned with the impacts of the recession, through interest rates, exchange rates, growth and business sustainability, many others are looking at more positive issues.
Staff motivation, growth and competitiveness, rebuilding confidence and innovation also rated highly as key issues for 2010.
“While we may not be leading the nation in terms of economic recovery, Taranaki again has a positive outlook and its businesses are looking to the future and well positioned to leverage growth in other parts of the country,” Stuart said.
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