Local business confidence is soaring, according to a yearly Deakin survey commissioned by Geelong Chamber of Commerce.
Almost half of businesses in the third annual Geelong Business Trends Survey expected to hire more staff in 2017.
Some 79 per cent expected their sales to increase while 77 per cent anticipated a rise in profits for the current financial year.
Geelong Chamber of Commerce chief executive officer Bernadette Uzelac was delighted with the results, which indicated a “slight rise” from last year.
“What’s pleasing is that several of Geelong’s key industries, including manufacturing, are very optimistic about the future direction of the region’s economy,” she said.
“Our manufacturing sector, which has been the backbone of Geelong’s economy for more than a century, is reinventing itself from its `traditional’ base into new niche areas.”
Deakin University Vice-Chancellor, Professor Jane den Hollander, said Geelong was becoming “a smart city where wealth is created through education and jobs for the industries of the future”.
“We are seeing this come to fruition through the Geelong Innovation Precinct at our Waurn Ponds campus.
“In five years, the precinct has led directly to the creation of over 1000 jobs through industry partnerships and co-location opportunities.”
Deakin Business School’s Professor Barry Cooper said that the survey results were a reflection of a city embracing change.
“As a city in transition, it is common to see some ups and downs in business performance,“ Professor Cooper said.
He added 89 per cent of businesses either reported no change or an increase in staff, with 46 per cent saying they expected to take on more staff in the future.
“Some 25 per cent of respondents said poor local government leadership, policy or support was the greatest barrier to business growth,” Professor Cooper said.
He added the survey was taken during council’s sacking last year.
Some industry sectors, such as education, community services and government performed slightly lower than the previous year.
