Department for Enterprise welcomes findings of Business Confidence Survey

Department for Enterprise welcomes findings of Business Confidence Survey

The first annual Business Confidence Survey, released by the Economic Affairs Division of the Cabinet Office last week (23rd February), has revealed widespread optimism for the year ahead.

The Isle of Man Business Confidence Survey invited feedback from local employers to gauge business activity, optimism, future employment and investment for all sectors of the economy.

Overall 92% of all businesses surveyed said they would recommend the Isle of Man to others as a good place to do business.

When asked what the greatest advantage of doing business in the Isle of Man, 31.18% of respondents stated the business environment and community, 24.37% the quality of life, and 13.98% low taxation.

Laurence Skelly MHK, Minister for Enterprise, commented:

‘It’s encouraging to see the confidence in our local businesses and the anticipated growth for the year ahead. The survey clearly shows the pride in our business community and the importance of an environment that allows businesses to thrive and flourish. It’s also positive to see recognition of the Isle of Man’s high quality of life and the important role this plays in the success of our businesses and our Island.’

The report also indicated that all sectors anticipate an increase in employment in the next six months and employers across all sectors, on average, are more optimistic about growth over the next six months compared with their growth over the previous six months.

The Minister continued:

‘With employers across all sectors anticipating an increase in employment, the drive to grow our economically active population is absolutely essential to the Island’s continuing success. Our dedicated locate team are working with local businesses to better understand the employment gaps and to ensure we have the best policies and procedures in place to fill them.’

The survey also indicated a high level of satisfaction with Government services, utilities and the Island’s communication infrastructure, all critical considerations for businesses looking to expand.

The Isle of Man Business Confidence Survey 2017 report is published on the Economic Affairs Division section of the Government website.

The Department for Enterprise offers a range of support and financial assistance for businesses at all stages of growth. Visit www.whereyoucan.com/how-we-can-help to find out more.