Townsville Business Confidence at its Highest in 14 Years

The PVW Partners March 2021 Business Confidence Survey has recorded the second highest result in its 30-year history, with confidence across the Townsville region increasing by 10 index points.

PVW Partners Managing Partner Carl Valentine said the results are extremely positive and have seen two significant milestones reached in one survey.

“Business confidence is at its highest in 14 years, the last time we saw results this positive was right before the Global Financial Crisis in 2007. Coming out of one of the most economically uncertain years in recent history, it is fantastic to see the Townsville business community regaining its confidence in such a big way,” Mr. Valentine said.

“98 per cent of respondents indicated they will remain at their current employment level or will look to expand their teams within the next three months.

“Overall, respondents are anticipating increases across consumer demand and sales and planning on growing their expenditure on promotional and marketing efforts.”

Local businesses have taken advantage of the various government stimulus, grants and schemes made available over the past year.

Mr Valentine said JobKeeper, Cash Flow Boost and grants like the HomeBuilder have really helped keep the Townsville business community alive and accelerated our recovery from the business restrictions imposed in response to COVID-19.

“These grants, combined with major projects coming on-line or increasingly likely to proceed, have created the confidence and stimulus in our economy they were designed for with those that have been affected by the COVID-19 restrictions still able to spend money, maintain their workforces and support local businesses,” he said.

“Another huge takeaway from these results is the amount of predicted sales increases among local businesses, with 60 per cent of respondents looking positively towards the next quarter, which is the highest it’s been since September 2019.

“This survey has also shown us the biggest jump in confidence since June 2018 which is testament to the fact that Townsville businesses are incredibly resilient and are well poised to continue the region’s economic growth after a long period of economic malaise that has been interrupted by not only COVID-19 but also the 2019 monsoonal flooding.

“Our business community is getting back on track and looking very positively towards the future.”

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