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Future looks bright for Illawarra business

Release Date: 24/01/2017

The Business Conditions Survey for the December 2016 Quarter identifies strong business confidence in economic conditions across the Illawarra and an optimistic outlook for the first quarter of 2017.
Conducted by the NSW Business Chamber, the survey asks participants to assess current and expected performance across a range of indicators including profits, sales, capital spending and employment levels.
Illawarra Business Chamber Executive Director, Chris Lamont said one of the most pleasing responses from the survey was over 44% of businesses hired new staff between October and December 2016.
“Confidence in the economy remains high with 41.5% of businesses surveyed seeing an improvement in the economy between October and December 2016 and just 14.8% a decline. Record building approvals, increased sales, continued diversification of the region’s economy and an optimistic outlook is certainly driving business activity and expectations,” said Chris Lamont
Survey results identify a high level of investment with over 40% of businesses investing in major capital during the December quarter.
While the results point to a growth in sales and an optimistic outlook business operating costs remain a concern.
“Increasing operating costs and the impact of these costs on the bottom line have been a feature of the last two surveys. Survey participants commented that tackling unproductive work practices and wastage were the highest priorities to reduce cost pressures,” said Chris Lamont.
A summary of Illawarra survey responses are provided below.
Media Contact: Katherine Baker 0417 135 858

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