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Exeter Business Survey – December 2008
Exeter Chamber of Commerce & Industry member survey (4th quarter 2008) has revealed that more than twice as many Exeter businesses have or are intending to invest in their business compared to December 2007.
Derek Philips, Chairman of Exeter Chamber of Commerce & Industry said, ‘A high percentage of Chamber businesses have invested in their business in the last quarter and 33% intend to invest in the future. This is a very positive indication that Exeter is looking to the future and planning how it can prepare for the upturn in the current economic climate.’
The survey of over 100 Chamber members including small, medium and large companies does reveal evidence that the recession is starting to bite in Exeter, with 40% of companies reporting that profit margins are down. This is almost double the figure from December 2007. Only 10% have shown an increase in margins compared with 30% last year, however half of those surveyed have reported that profits have remained consistent.
For the first time this year, the number of people employed by firms in Exeter has fallen. Companies reducing staff has nearly doubled from December 2007 to 26% this quarter, whereas those employing more staff has more than halved.
When compared with last year, only 19% of businesses have reported an increase in sales where this was 55% in December 2007, and nearly half of companies surveyed have revealed that sales are down. The figures are similar to the results from last quarter, indicating this has been a gradual process.
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