C&W businesses remain confident, survey suggests

COVENTRY and Warwickshire businesses continue to show increased confidence in the economy, according to the results of a new business poll.

The Coventry and Warwickshire Chamber of Commerce’s Quarterly Economic Survey (QES) found that as many as 82% of companies operating in the service sector are expecting turnover to rise in the next quarter – with just 2% forcecasting a drop.

The QES is used as a barometer for the local economy and also feeds into a national survey carried out by the British Chambers of Commerce.

The first survey of 2015 also revealed that 93% of firms in the service industry either achieved an increase or constant domestic sales compared to the final quarter last year.

In manufacturing, 65% of companies attempted to recruit new staff in the last quarter, while 42% reported an increase in overseas sales.

Some 50% of manufacturers believe turnover is going to increase in 2015, the same as the previous quarter, although only 14% are predicting a decrease – a drop of 10%.

In a further show of confidence, the survey also suggests that unemployment will continue to fall across Coventry and Warwickshire with 43% of firms outlining intentions to increase headcounts in the next four months and 55% planning to maintain staffing levels at the same level.

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “It is extremely positive news the buoyant outlook in both the service and manufacturing sectors has extended from the back end of last year into 2015.

“Inevitably the upcoming General Election causes a degree of uncertainty in the market, so it is great news that businesses are forecasting increased growth and intentions to create jobs as we move ever closer to May 7.”