New Year New Optimism for business in Wales

New Year Resolutions for Productivity, Growth and Investment

New research from Lloyds Bank has found that two fifths (42%) of firms in Wales are making New Year’s resolutions to improve their productivity, as businesses signal confidence in more positive macroeconomic conditions ahead.

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There is optimism about the future as new data reveals the top three areas where firms are focussing their attention as they head into the new year, with half (50%) concentrating on developing their business, nearly a third (29%) focusing on investing in energy efficiency measures, and more than a quarter (26%) increasing wages for employees.¹

The data also shows that businesses in Wales are setting themselves up for growth, by building teams to support new opportunities, with almost half (46%) expecting to hire more staff in the New Year.

Growth Expectations

With the expectation of inflation continuing to fall, more than two thirds (69%) of firms are confident that they will see their business become more profitable in 2024 compared to 2023. Almost three quarters (74%) expect their turnover to increase in 2024.

New Plans for Regional Investment

There is more good news from Swansea Council, as it is also completing a Regional Investment application for funding from a Shared Prosperity Fund to develop the region in which Parc Felindre is based. This outlines the scope for new green energy potential from its maritime location and new opportunities for business within the dynamic area.

“South West Wales has a diverse economy and a unique set of natural and cultural assets. Economically, our industrial heritage combines with some of the UK's most significant marine energy potential, driving major opportunities for decarbonisation and the growth of the UK's Green Economy. Environmentally, the coastline and countryside - including the Pembrokeshire Coast and Brecon Beacons National Parks and the Gower Area of Outstanding Natural Beauty - contribute to a superb visitor offer and quality of life. Culturally, the region encompasses the dynamic, growing university city of Swansea, a diverse and distinctive network of rural towns and an increasingly vibrant Welsh language.” ²

Samantha Noble Sam Noble, regional director for Wales at Lloyds Bank Commercial Banking, said:

“After a challenging year, it’s encouraging to see Welsh businesses making plans to grow and develop in 2024. It’s apparent that the recent fall in inflation and stabilisation of interest rates are helping to create an environment where Welsh businesses feel more confident to make the investments needed to grow, whether that’s growing their teams or funding measures to become more energy efficient in future.”

“If businesses in Wales continue to implement strategic growth plans and take the time to carefully manage their cashflow, they will be able to benefit from new opportunities and tackle any headwinds they may have to navigate in the year ahead.”

Parc Felindre provides the positive opportunity for your business to gain form this development and growth potential.

Contact our agent direct for new business land available now
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