The Waikato Business Sentiment survey, undertaken twice annually by regional economic development agency Te Waka, recorded a rebound in business confidence to 45% last month. This is a return to November 2022 levels, following a dip to 33% in April.
Collecting data that can be segmented by sector and district, and to highlight Māori and Pasifika businesses, the Waikato Business Sentiment Survey results show distinct pockets of confidence throughout the region.
Pasifika businesses hold higher-than-average expectations of growth in the next 12 months, with 77% expressing optimism compared to the respondent average of 54%. This segment reported strong profit results too, with 47% logging a profit increase in the past 12 months, surpassing the 36% respondent average.
Waikato Pacific Business Network Chair Rachel Afeaki-Taumoepeau says Pasifika businesses are becoming more visible across the Waikato marketplace.
“Increased business confidence is surely a good indicator of the Waikato region fast becoming a favourable destination to do business for our Pacific peoples. Families migrating from the larger cities to settle here will be further evidence of this.”
Conducted while New Zealanders waited for their new government to be formed, Te Waka CEO Fiona Carrick says the results capture local businesses’ hopes for change.
“We know from experience that some sectors of our economy fare better than others during economic downturns. However, our region’s diversity of activity and strength in key areas such as agriculture, manufacturing, construction and freight contribute to its overall resilience.