Businesses in Tees Valley are feeling optimistic about the future but still view inflation as a significant challenge according to a our recent business survey.
We launched the quarterly Tees Valley Business Index in January, as a representative temperature check for enterprises across the five Teesside boroughs.
The third survey, covering the months from April to September, found that 88 per cent of responders remained positive about the future of their business.
Since the previous Business Index, the survey also showed that 61 per cent of respondents had increased their number of employees.
All but one respondent regarded inflation as the biggest challenge facing businesses with rising prices, impacting energy bills for many firms across the country.
Despite nationwide economic uncertainty, the survey found that 67 per cent of respondents have seen their business’ turnover increase compared to three months ago.
MD Karl Pemberton said: “It’s very encouraging to see so many businesses feeling positive about the future despite high levels of inflation and economic uncertainty many businesses are facing.
“Tees Valley has benefited from a great deal of investment in recent years which is beginning to show for many businesses.
“The recent government announcement on investment zones, will see Tees Valley businesses benefit from tax reductions, helping the region develop its reputation as a centre for excellence.
“We welcome more owner managed businesses to take part in this quarterly survey which takes less than 2 minutes to complete. Please contact Ruth Conner by email rconner@activefp.co.uk if you want to learn more.”
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