Businesses across the North of Tyne have shared their views on the challenges and opportunities for the next 12 months, with product development and reducing carbon emissions topping the list of ambitions.
Commissioned by the North of Tyne Combined Authority (NTCA), in partnership with Newcastle City Council, North Tyneside Council, Northumberland Council and Advance Northumberland, the survey asked businesses about their recent performance and aspirations for growth, as well as what support they might need to reach their goals.
The survey covered key issues such as recruitment and training needs, business premises and the transition to Net Zero.
Despite the challenging national economic climate, 73% of businesses responding to the survey said performance over the last 12 months had been stable or grown, with even more businesses optimistic about the year ahead.
The positivity of businesses was further evidenced by 2 in 5 businesses aiming to introduce new products or services in 2023. This aspiration was narrowly exceeded (47%) by respondents’ desire to reduce carbon emissions and improve their wider environmental impact.
However, a quarter of businesses hoping to reduce their carbon emissions were uncertain about how to do so, with 44% of all businesses expecting to seek external advice and guidance to achieve their goals in the year ahead.
The survey is one of the largest public-sector funded business surveys in the region in the last decade, receiving over 860 responses from businesses of different sizes and sectors. The survey specifically targeted smaller businesses and sole-traders who make up the majority of private sector enterprises in the region.
The findings of the survey have been made available here with the aim of creating a shared understanding of business needs across the North of Tyne area.
The NTCA and Local Authorities will use the findings to inform their engagement with businesses, including the offer of business support through the UK Shared Prosperity Fund.
For more information about the survey, contact Alex Black, Data and Insights Officer at the NTCA, alex.black@northoftyne-ca.gov.uk