The indicator developed by CROEM, the Chamber of Commerce of Murcia and PwC rises to 31.9 points, with expectations for the second semester improving to 32.6. Labour costs become the main concern for businesses for the first time.
Business confidence in the Region of Murcia is regaining momentum. The Business Confidence Indicator (ICE) compiled by CROEM, the Chamber of Commerce of Murcia and PwC reaches 31.9 points in the first semester of 2026, up from 30.6 in the previous semester. This figure consolidates a scenario of moderate optimism among the regional productive fabric.
The improvement is primarily supported by the recovery of expectations for the second half of the year, which offsets the slight moderation in the assessment of the current situation. Javier Celdrán, director of PwC in the Region of Murcia, explains that the results depict a business community that maintains a positive outlook on economic activity and its growth prospects, albeit with caution.
This caution responds to several fronts: the pressure of labour costs, the shortage of skilled personnel, bureaucratic burdens, and economic and international uncertainty. These are the four factors that most condition activity according to the report itself.
Six out of ten companies increase sales
Real activity continues to show strength. During the first semester of 2026, 60.7% of Murcian companies increased their turnover, compared to 15.8% that recorded declines. The net balance stands at 44.9 points, below the exceptional 52.7 of the previous semester, but above the 42.9 of the first semester of 2025.
In terms of employment, the net balance reaches 23.1 points, while investment stands at 25.6. Expectations for the second semester improve in both cases: 26.2 points in employment and 28 in investment. More than one in three companies expect to increase their workforce and more than four in ten expect to boost their investments in the coming months.
The services sector deserves special mention: it reaches an ICE of 36.1 points, the highest level in the entire historical series of the indicator. Industry leads the ranking with 37.1 points, followed by services and commerce (34.7). In contrast, construction becomes the only sector with negative values, at -3 points, due to the significant deterioration of its expectations.
Labour costs top concerns
The report reveals a significant shift in the concerns of Murcian entrepreneurs. For the first time since the recovery of the ICE, the lack of talent is no longer the main limiting factor. Now, it is the increase in labour costs, identified by 34.4% of companies, followed by the shortage of skilled personnel (33.4%) and legal and bureaucratic aspects (28.8%).
This is a relevant evolution compared to the first edition of the indicator, when the shortage of skilled personnel was clearly the main concern. The result reflects how pressure on margins has gained weight in a context of rising employment-related costs.
The president of CROEM, Miguel López Abad, states that “companies in the Region of Murcia continue to demonstrate a remarkable capacity for adaptation, but they need an environment that favours their competitiveness.” He adds that the pressure of labour costs, bureaucracy, and the difficulty in finding professional profiles increasingly condition the ability to grow and create jobs.
Lower export dynamism
The external sector is losing momentum. Although exports maintain a positive balance of 21.5 points, they continue a downward trajectory compared to the previous two editions. More significant is the evolution of export expectations, which have decreased to 10 points, down from 46 recorded for the first semester of 2026.
This caution responds to international uncertainty and the evolution of external markets. The president of the Chamber of Commerce of Murcia, Miryam Fuertes, highlights that the indicator confirms the strength and resilience of the regional business fabric, and that having a tool like the ICE allows for anticipating trends and better understanding challenges and opportunities.
For the Murcian productive fabric, these data have a practical reading: activity remains strong, but margins are tightening due to labour costs. Companies that expect to hire or invest in the coming months will find a more favourable environment of expectations, although they will need to monitor the evolution of costs and bureaucracy.
The ICE is published biannually and has established itself as a reference for anticipating the economic evolution of the Region of Murcia. The next edition, corresponding to the second semester of 2026, will be announced at the end of the year.
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