Black Country businesses bucking the national trend
Confidence is rising among Black Country firms, according to new research from the area's biggest business organisation.
The latest survey from the Black Country Chamber of Commerce shows more firms predicting a rise in their turnover and profits, bucking national trends.
Corin Crane, chief executive of the Black Country Chamber, said: “The last 12 months has been a somewhat tumultuous period for business, particularly in relation to the Brexit vote. It is positive to see that businesses across the region are now feeling confident moving forwards, and this renewed sense of buoyancy can ultimately help them to realise their ambitions for growth.
"With this in mind, it is of the utmost importance to harness an environment of stability and certainty, particularly as Brexit negotiations are in their early stage, so that our local and regional economy is able to thrive for years to come.
“Furthermore, as a result of the boost in confidence and domestic sales that have been reported, businesses throughout the region are now keen to raise their investment intentions within their respective organisations, which is great news for the local business community as we enter the new financial year.
"By investing in both plant and machinery, as well as employee training, Black Country businesses will be able to maintain their competitiveness on a national and international scale.”
The Chamber's Quarterly Economic Survey (QES) for the first three months of the year found confidence relating to turnover now stands 68 per cent, a rise of seven per cent on the previous quarter.
At the same time, 60 per cent of local businesses have reported an increase in confidence pertaining to profitability; a rise of eight per cent on the fourth quarter of 2016 and 10 per cent up on this time last year. In contrast, the latest results of the Lloyds Business Barometer reports a fall in business confidence of five per cent, suggesting that the Black Country is bucking the national trend.
The rise in confidence is backed by an increase in domestic sales, with 42 per cent of Black Country businesses having reported an upturn, amounting to an increase of 17 per cent on the previous quarter.
