GC Business Survey

Latest report: 02 March 2025

The full GC Situation Report contains detailed data on the economy, and results of the GC Survey and Business Confidence Index. It also provides headline data for local authorities in Greater Manchester.

Download the latest full GC Situation Report here.

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GC SITUATION REPORT AND BUSINESS SURVEY RESULTS

The GC Business Confidence Index (GC-BCI) remains at 7.1 out of 10 for 2024, lower than the previous quarter. Confidence is highest in Manufacturing & Engineering, DCTs, Hospitality Tourism and Sport and lowest in Construction, Life Sciences, Health & Social Care, Green Tech; and the latest responses continue to show increasing uncertainty in BFPS.

Sales increased for 14% of firms, unchanged from last quarter. Investment intentions dropped to 29% from 31%. Sectors like DCTs, Manufacturing, Business Financial & Professional Services, Hospitality & Tourism are most likely to increase capital expenditure. Workforce development investment plans fell to 24% from 26%, with Manufacturing, Business, Financial & Professional Services and DCTs showing the highest interest.

Business challenges include rising costs, cashflow issues, and supply chain disruptions. Manufacturing, DCTs, and BFPS sectors have the highest reserves. Access to new domestic sales opportunities remains top challenge for firms, especially in DCTs, Business, Financial & Professional Services, Manufacturing.

Future support needs focus upon in innovation, business planning, marketing, workforce development, financial advice, and environmental impact which remains same as top 5 business support. SMEs face challenges in domestic sales, product development, business model adaptation, financial management, and digital adoption - while large firms seek more support on environmental impact.

Key Findings

GC Business Confidence Index (GC-BCI): Drops at 7.1 out of 10, lower from last quarter 7.2. Confidence is highest in Manufacturing & Engineering, DCTs, Hospitality Tourism and Sport and the latest responses continue to show increasing uncertainty in BFPS.

Sales and Profits: 14% of firms reported increased sales (unchanged). 54% expect profits to increase in the year ahead, down from the previous quarter (58%). 3% expect profits to decrease, which remains consistent with the previous report. The sectors most optimistic about future profitability are DCTs, Manufacturing, and Business Financial & Professional Services; and lower expectations in Engineering, Construction, and Logistics.

Investment: 29% expect to increase capital expenditure (down from 31%). Highest in DCTs, Manufacturing, Business Financial & Professional Services, Hospitality & Tourism. 24% plan to invest in skills (down from 26%), DCTs, Manufacturing, Business Financial & Professional Services.

Cashflow Issues: 14% reported cashflow problems (unchanged). Micro-sized firms face more challenges than larger SMEs, and higher cashflow risks in Logistics, DCTs, Construction, Business Financial & Professional Services

Trade: 21% of firms (vs 19%) currently export goods or services, with 20% (vs 17%) expanding into new markets, a trend particularly notable in the DCTs and Manufacturing

Future Support Needs: Priorities include innovation 35% (unchanged), business planning 31% (unchanged), sales & marketing 29% (vs 31%), workforce development & skills 24% (vs 25%), and financial advice & guidance 22% (vs 24%).

Recruitment and Skills: 24% of firms (vs 22%) are currently recruiting new staff. Recruitment rates are higher among SMEs than other businesses. By sector, recruitment is more active in DCTs, Business Financial & Professional Services, and Manufacturing. Life Sciences
and Engineering sectors are least active.