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Business Barometer Results - Spring 2011

The Torbay Economy

As part of our business support role the TDA seek regular feedback from local businesses through our twice yearly Business Barometer survey. The third survey ran from April to June and had nearly 150 respondents.
The results demonstrate that the economic recovery locally is fragile but there is a degree of confidence from businesses on order and turnover levels. 37% of businesses are reporting better sales than this time last year, compared to 34% in October last year.
Sales have also picked up slightly, with 37% of businesses saying sales in the three months up to June were better than the same period last year.
However there remains caution over the level of investment in capital or business development, and increased employment is not generally seen as a likely short term outcome by respondents with two thirds suggesting staff levels will remain static in the immediate future. This is to some degree normal with employment typically being the slowest indicator to respond positively when an economy begins to grow.

Future Investment

Local companies have highlighted the areas they feel prevent new businesses from investing in Torbay. Unsurprisingly, the biggest deterrent for inward investment is seen as the road infrastructure, with 69% of respondents suggesting this would put off investors. In addition to transport, infrastructure including broadband links, and the right type of employment space are recognised as important. This headline highlights the need for continued lobbying on the South Devon link road which the TDA is already supporting. 54% felt that the perception of Torbay was seen by investors as a negative, emphasising the need to market Torbay as a business location as well as tourism destination. This is an area the TDA has responded to and is looking to promote the area appropriately.

Additional Questions

A number of other key findings from the survey show that:
  • 26% of businesses currently recruit graduates; a further 19% would be interested in hosting graduates for summer placements or as part of a more structured programme. TDA is working with partners to increase the visibility of graduate programmes in Torbay.
  • There is a keen interest in renewable technology, particularly around solar photovoltaics with 42% of respondents saying they would consider installing them on their homes and 32% on their businesses. This is reflected by the growing number of installation companies in the Bay.
  • 48% of businesses are satisfied with their broadband connections, while 32% are dissatisfied. The most popular use for business websites is marketing (73%) and banking (70%) but few respondents use online collaboration sites or video conferencing, suggesting there is an opportunity to exploit ICT usage further.
  • A significant proportion of Torbay businesses (21%) work from home.
The information gathered in the Business Barometer is extremely valuable in shaping the support services the TDA provide. Please look out for the next survey in September!
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