Results of the GFirst LEP Business Survey Q1 2014

GFirst LEP undertake a quarterly economic survey of the business community in Gloucestershire to assess the position about the economic outlook and business confidence.

GFirst LEP undertake a quarterly economic survey of the business community in Gloucestershire to assess the position about the economic outlook and business confidence.

Thank you to all of those that replied and here are the findings from our latest survey:

Key Local Findings                                            

• The majority of respondents thought that the outlook for their business had definitely improved over the last quarter.

• There was considerable optimism and confidence from respondents that the outlook for their business for the next 3 months is going to improve further.

• Over 40% of respondents had recruited new staff within Gloucestershire over the last quarter and 55% said their staff numbers had remained the same.

• Over a third of respondents are expanding their business with job creation opportunities.

• Just over half the respondents had made capital investments in Gloucestershire over the last quarter. (for example, investment in  plant, premises, equipment and software)

• In the next 3 months, 45% of respondents are planning to make capital investments in Gloucestershire.

• For those respondents that have access to high speed broadband, a quarter felt it had made a noticeable difference to their business. 

David Owen, Chief Executive, GFirst LEP said: “It’s great news that the results certainly reflect what we’re hearing from businesses. In talking to the business community across the county, we are starting to see business confidence significantly increase, especially in terms of new job opportunities and plans for expansion through capital investments that are anticipated in Q2.

Building on Gloucestershire’s strengths, that includes having one of the best start-up survival and job creation rates in the country, our Strategic Economic Plan aims to secure the funding that we need to invest in The Growth Hub, the Growth Zone and GREEN; 

1. The Growth Hub is a unique partnership between the University of Gloucestershire and GFirst LEP to enable businesses to achieve their true growth potential. Leading with expert diagnosis, it will provide a range of innovative and tailored services and offer a wide variety of skills placement programmes to include work experience, apprenticeships and work force development skills.

2. By ensuring the availability of employment land in good locations, the Growth Zone will attract and retain high value-added businesses by providing valuable space and the necessary transport infrastructure for business expansion, incorporating enhanced natural environments for the benefit of wildlife, residents and businesses.

3. To ensure our engineering sector continues to thrive and to meet the growing demands in nuclear and renewable energy, a Gloucestershire centre of excellence in Renewable Energy, Engineering & Nuclear skills (GREEN) is planned at the decommissioned Berkeley power station to provide workforce development training and apprenticeship opportunities.

We have certainly presented a solid investment case for Government funding with plans to achieve significant economic growth and we now await the investment decision. Once this funding has been announced and agreed, we will use our unique partnership that brings together the combined power and influence of Gloucestershire PLC to ensure the highest return for the county.”