Local businesses remain optimistic about The Hills Shire despite feeling the pinch of local and global economic challenges according to the results of the 2023 Hills Shire Business Performance Sentiment Index (PSI) survey.
The annual PSI survey was open to Hills Shire businesses and measures the business performance, conditions, and sentiment of the region.
Factors such as rising inflation, increased costs and constrained financial conditions have contributed to the business performance and sentiment in the Hills reported in this year’s survey.
However, more than half of the participating businesses reported that they find the location and work/life balance to be the Hills Shire’s greatest strengths, while 52 per cent of businesses remained very positive about the Hills Shire’s future potential.
Business leaders are forecasting growth based on current activity, while revenue, profit, cashflow and staffing levels are all projected to improve in 12 months’ time.
Mayor of The Hills Shire Dr Peter Gangemi recognised the environment Hills businesses have faced.
“Hills business have showed how resilient they are in the face of challenges including the rise in inflation, higher costs of goods, rising wages and curbed consumer spending,” Mayor Gangemi said.
“I am pleased that Hills Shire businesses remain optimistic and are prepared for growth into the future.
“Council continues to provide significant support to our business community and our Economic Growth Plan aims to generate 50,000 new job opportunities in the Hills by 2041. The plan seeks to attract businesses that align with the skills of our highly educated residents, with many of them achieving a bachelor’s degree or diploma.
“Our population is growing, a business park is coming to Box Hill, Norwest is expanding, and Rouse Hill is getting a new hospital and employment and health services precinct. The development of land around the Metro stations will also create new opportunities at Bella Vista and Cattai Creek West.
“The survey also found that businesses that participated in Council’s business support programs were more likely to forecast growth in the upcoming year, so I encourage businesses to reach out to Council’s Economic Development team to benefit from free business support programs and events.”
To view the 2023 Hills Shire Business PSI survey results, visit www.thehills.nsw.gov.au and search for ‘PSI survey.’
To contact Council’s Economic Development team and learn more about their programs, visit www.thehills.nsw.gov.au and search for ‘Business Support.’
