A recent survey of advertising agencies conducted by media buying and selling software company Strata found that confidence in the ad economy is the highest it has been in the past five years.
Sixty-two percent of agencies polled said they see business increasing this quarter compared to the same time last year.
More than half (53%) projected future growth to be better in the first half of 2014 as compared to the last half of 2013, while 29% are increasing their ad budgets from last year, representing the highest level recorded by Strata since 2008.
Nearly a third (32%) of agencies said they plan on hiring staff this year, the second largest group in two years, while only 3% plan on reducing staff.
Strata President Joy Baer noted that many agencies looked cautiously at rising ad costs as a major concern, however “the strength that our clients are reporting bodes well for the rest of the year.”