The results of the first Business Confidence Survey have been released today by the Economic Affairs Division of the Cabinet Office.
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.
The survey also asked a number of questions regarding employers’ perspectives on any skills gap they have, the Living Wage and cyber security, amongst others.
The report indicates a general business environment of optimism and the anticipation of growth, although different sectors show different levels of confidence. The most confident sector is Financial Services whilst the Construction sector is the least confident.
Other headlines from the report are:
- Employers across all sectors anticipate an increase in employment in the next 6 months.
- Employers across all sectors, on average, are more optimistic about growth over the next six months compared with their growth over the previous 6 months.
- The majority of businesses indicate that they already pay all employees at or above the Living Wage rate of £8.61.
- Nearly three quarters of employers feel that it is easy to do business on the Isle of Man.
Minister for Policy and Reform, Chris Thomas MHK, said:
'The Treasury Minister’s Budget built on clear signs of business confidence and this is reflected in our first business confidence survey.'
'Of course we cannot be complacent, but it is encouraging that employers feel it is easy to do business here and are optimistic about business growth, including an increase in employment.'
The Isle of Man Business Confidence Survey 2017 report is published on the Economic Affairs Division section of the Government website.
The Business Confidence Survey was a survey conducted of employers in November 2017. A sample was taken of all employers on the Island, with any employer with over 50 employees were all included in the sample to be contacted and a 10% sample of employers with under 50 employees was taken.
The results of the Business Confidence Index should be interpreted as follows:
- Employer optimism regarding economic growth if Index scores are greater than 100
- Employer neutrality if Index scores are at 100
- Employer pessimism regarding economic growth if Index scores are less than 100.
The responses received were weighted by the size of the employer, in relation to the proportion of employees that each employer had compared with the total for that sector.