More than half of Black Country businesses believe turnover will improve in next year
Most Black Country businesses believe that their turnover will improve over the next 12 months.
The Black Country Chamber of Commerce's latest economic survey for the three months to the end of September found 55 per cent of firms in the area expecting the improvement.
The research showed that businesses are still struggling to recruit and are still battling with rising labour costs which are now rivalling the rise of utility prices.
Inflation and interest rates are amongst the highest concern for firms across all sectors in the region at 56 per cent and 53 per cent respectively.
The survey saw 45 per cent of Black Country companies say they believe profitability will improve over the next 12 months.
Also 26 per cent of firms reported an increase in domestic sales while 44 per cent reported no change and 26 per cent reported a decrease.
On overseas sales eight per cent of firms surveyed reported an increase in overseas sales up from five per cent in the second quarter of 2023.
On recruitment 70 per cent have found it difficult to recruit suitable skilled staff.
The chamber's policy officer, Gemma Edwards said: “Although we continue to be concerned with the difficulties of recruiting suitable staff in the Black Country, and the ongoing impacts of high inflation and interest rates, it’s good to see some signs of positivity in business confidence of improving profitability and turnover in the next 12 months, and that businesses expect that they will not need to raise prices in the next few months.
“At a local level, the quarterly economic survey is an important source for us at the chamber to review performance, concerns, and views of our businesses.
“We use the data when meeting with local MPs and council leaders to develop economic strategies and policies to promote and enhance growth and enterprise.
“But we can’t do this without Black Country businesses – so we strongly encourage all businesses, whether Chamber members or not, to complete our survey every quarter. It takes less than five minutes, and the information produced is invaluable.”
