The UK has overtaken China to become US CEOs’ favoured growth market, with over a third identifying the UK as one of the most important territories for their companies, according to PwC’s 25th Annual Global CEO Survey.
The survey of almost 4,500 CEOs in 89 countries, also found the UK is a more important growth prospect to CEOs globally this year.
Some 17% of CEOs globally selected the UK as a top three growth target, up from 11% in 2021 and 9% in autumn 2019.
Likewise, the US has become a more attractive investment proposition to UK CEOs, with over half (54%) see the US as an important growth target, up from 44% in both the previous two years. Germany came next for UK CEOs, at 32%.
The study also found optimism about the global economy is particularly high among UK CEOs, with 82% anticipating it will improve during the year ahead – up from 77% last year. This contrasts with business leaders in the US, China, and Germany who are less optimistic than they were a year ago.
With regards to the UK economy, 73% of UK CEOs believe conditions will improve in the next 12 months.
Kevin Ellis, chairman and senior partner at PwC, said: “It’s not hard to see why US businesses have their sights on the UK. Aside from long standing draws such as our trusted legal and business environment, certain factors make us ripe for investment now.
“While sectors including hospitality and those with enduring supply chain issues such as automotive are undoubtedly under pressure, business leaders are confident the economy is on an upward trajectory.”