Increasing productivity is at the top of Yorkshire businesses’ ambitions for 2025, according to new research from Lloyds’ Business Barometer.

More than two-fifths of Yorkshire firms will be aiming to do so next year (44%), while a similar proportion will be focused on growing revenue and profitability (43%). Nearly a third (32%) will be looking to attract new staff.

To support their goals, 36% will be investing in staff training, while just over a fifth (23%) will be investing in hiring. A further 21% will be looking to expand into new UK markets.

The data also shows that many Yorkshire businesses are optimistic of new growth.

More than three fifths (61%) expect to see turnover increase in 2025. Of these, 23% these expect to see their revenue rise by between six and 10% over the next 12 months, with 11% expecting it to grow by even more. Meanwhile, 55% expect to become more profitable in 2025.

The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide.

Martyn Kendrick, regional director for Yorkshire and the Humber at Lloyds, said:
“It’s clear that people are the priority for Yorkshire businesses, with firms setting out plans to invest in staff training, as well as ambitions to hire more staff. This is encouraging not just for businesses’ own prospects, but also good news for their communities and the strength of Yorkshire’s economy as a whole.
“Throughout 2025, we’ll continue to be by the side of Yorkshire businesses to help them make the most of any new opportunities, and to help them put their strategies into action.”