Business leaders across Yorkshire and the North West are united in their belief that confidence in the economy is up, bank lending will increase in 2010 and that companies will experience growth over the next 12 months.
And in a boost for their respective markets, an overwhelming number of those taking part in TheBusinessDesk.com's State of the Region Survey from the two regions said their respective regional markets were still good places to do business.
Hundreds of subscribers took part in the online survey, kindly supported by headline sponsor, law firm DLA Piper and associate sponsors BDO, Financial Leeds and Yorkshire Bank.
In our concluding feature on the results looking at comparisons between feedback from Yorkshire and the North West, despite agreeing on the majority of issues raised through the survey, respondents hold differing views on what they believe will drive economic recovery the most.
In Yorkshire, increased consumer confidence is seen as key, while a change of government and increased bank lending come out on top in the North West.
Although easier access to politicians and decision makers and sharing ideas among business leaders were the top answers across both surveys regarding what are the best things that could be done to improve the business cultures of their respective regions, those in the North West also want to see more opportunities to learn from business leaders outside the region, while in Yorkshire joint lobbying by business leaders is seen as a key issue.
Business sentiment across both regions is united on issues including confidence, with more than half in both regions feeling more confident about the economy than they did 12 months ago, while 61% in Yorkshire and 60% in the North West think the market will pick up in 2011.
More than half of respondents across both regions expect bank lending to increase in 2010, with quarter three seen as the likely date for this across both regions.
Technology will be the biggest growth area in both regions, but the professional services sector in the North West and financial services in Yorkshire are also seen as key growth areas.
In the North West, 67% think their businesses will grow in terms of revenue, profit and staff, while 63% expect this to be the case in Yorkshire, with organic growth expecting to lead the way.
Limited sales opportunities, access to finance and cash flow are the three main challenges across the two regions.
Again, both regions are in concert when it comes to alternative ways of raising finance, saying they hadn’t considered taking the step.
Regional and national markets are seen as the places for the best growth opportunities, but Western Europe, Asia and the USA offer positive entry points.
More than 90% of respondents across both the surveys see their respective regions as good places to do business, but are concerned that transport and inward investment are holding their respective regions back.
A majority also feel a change in government will also make a difference to their respective economies.
Neil McLean, managing partner at the Leeds office of DLA Piper, said: "The State of the Region Survey has confirmed, what I believe most of us knew in our region, that Yorkshire and the North West is a great place to do business.
"The consistent message between companies in Yorkshire and the North West that they see the value in their regional location and have taken a pragmatic approach to the recession and recovery should give business leaders a great deal of confidence moving forward into 2010.
"However, there are still clear issues that need to be addressed on both sides of the Pennines. Our northern regions remain very focussed on local trade markets - especially considering they see their biggest barrier to growth in 2010 as being limited sales opportunities. Companies in the North should look to internationalise as an alternative way of expanding their sales base and prosper into recovery.
"Despite the transport and infrastructure issues our regions face, and which must be addressed, the North still has excellent access to European and US markets through our growing international airports and ports.
"Whilst international trade may seem daunting, most risks can be mitigated with sound advice and good planning, and our regional businesses benefit from a strong professional services base that can support them in achieving their goals, wherever their ambitions may lie."