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GC SITUATION REPORT AND BUSINESS SURVEY RESULTS

 

  •  The proportion expecting sales to increase in the year ahead has risen by seven percentage points, and the proportion expecting profits to increase has increased by one percentage point. These levels of future confidence are at a time when many challenges are beginning to bear down on business.
  • Future investment intentions have slightly decreased, but an increased proportion of firms are looking to increase spending on workforce development, product/service innovation, and digital transformation, compared to the previous month.
  • The main areas of concern/impact for survey respondents are rising costs, supply chain issues, business travel visiting clients, alongside risks of falling sales.
  • The main pressing challenges and business support needs focus on growing domestic sales, addressing innovation and workforce development, and developing the business plans/model.
  • A quarter of firms are currently recruiting staff.
  • The local labour market in Greater Manchester remains tight and the main skills shortages reported were ICT (basic and advanced), and sales and marketing skills.