Optimism for our local businesses and economy in the North West is thriving, according to the British Business Bank and Enterprise Northern Ireland’s second annual Access to Finance report.

It revealed that 73% of businesses in the Derry City and Strabane District Council area expect to grow over the next 12 months, making it the most optimistic of the six regions within Northern Ireland contained in the report.

The 73% expected growth rate has set the North West far ahead of all other regions. Not only this, but 21% of North West businesses have projected stability over the next 12 months, with only 6% that expect to contract, the joint lowest rate among regions.

In further positive news, the report showed that no North West businesses stated that they were trading with difficulty or at risk of closure, the only region to report such a stat.

In addition to this, 70% of North West businesses also reported confidence in accessing external finance, making it the second most confident region in this regard, and comfortably comparing with a 61% Northern Ireland average.

Other encouraging statistics from the report include that 59% of businesses in the North West expect to require additional funding over the next 12 months, placing the region ahead of the NI average of 48%; and 97% of North West businesses reported a manageable debt level, the best level among regions within Northern Ireland and ahead of the Northern Ireland average of 91%.

This aligns with the positive results seen from Derry Chamber’s most recent member survey, which revealed that over 52% of members intended to hire staff in the coming months; that over 54% of members have innovated their products or services to improve their operations and meet customer demands; that over 50% of members have made significant business investment decisions in the past 6 months; and over 90% of members either fully or possibly expect planned economic catalyst projects for the North West to have a future positive impact on their business.

Anna Doherty, Derry Chamber CEO, said:

“The findings of this report are a testament to the resilience, ambition, and innovation of businesses across the North West. It is incredibly encouraging to see such high levels of optimism among our local business community, with the vast majority expecting growth and demonstrating confidence in their ability to secure finance for expansion.

 “At Derry Chamber, we remain committed to supporting our members in accessing funding, fostering innovation, and advocating for strategic investments that will further bolster our region’s economic prospects. We encourage all our members to seize the opportunities available to them and to continue driving the North West forward as a thriving hub for commerce and industry.”

Adding to this optimism for the North West is the recent positive news coming from the City of Derry Airport. Economy Minister Dr Caoimhe Archibald MLA has announced funding to ensure the continuation of flights from the City of Derry Airport to London Heathrow, ensuring this critical point of connectivity for the region is maintained. Joint funding of £4.626m from the Department for the Economy and the Department for Transport for the route is for the next two financial years from 1 April 2025 to 31st March 2027, and airline Loganair is set to continue operating the flights.

In further major news for the City of Derry Airport, easyJet has announced the launch of a new route from CoDA to Birmingham. The new route will be the third new service easyJet has added to its City of Derry network in the last 12 months, following the introduction of new flights to Edinburgh and Liverpool. Flights to Birmingham are scheduled to take off on 1 September 2025, with the choice of flying on Monday and Friday throughout the year. easyJet has also extended its winter routes from City of Derry airport to operate throughout the summer, providing key connectivity and more choices to Liverpool and Edinburgh year-round.

We at Derry Chamber warmly welcome these announcements that will be key in strengthening our connectivity and growing our economy, and proving that the future of the North West is indeed bright.