Economic survey confirms good news for local economy
The economic outlook in Coventry and Warwickshire has improved for the first time in 2018, according to a major survey with businesses.
Results from the latest Quarterly Economic Survey (QES) of 2018 undertaken by the Coventry and Warwickshire Chamber of Commerce (CWCC), in conjunction with Warwickshire County Council, showed a modest rise in economic outlook for the area, from 65.0 to 65.2, where any figure above 50 indicates positive growth.
Firms of all sizes and from every sector in the region were asked a series of questions about the state of their order books (effectively their sales pipeline), their plans for investment and their future hiring intentions. The results showed that there was a marginal increase in investment and hiring plans in the service sector, with a concomitant drop for both in the manufacturing sector.
When it comes to orders, the evidence showed that orders in manufacturing are up from 63.6 to 67.3, against a fall in orders in the service sector.
Louise Bennett, CWCC chief executive, said:”It is very encouraging to see the economy of Coventry and Warwickshire performing well and that our businesses, in the main, remain confident about the future. Order books are looking healthy and this bears out what we are hearing when we talk to firms across the region.”
“Of course there is a backdrop of uncertainty and the feeling among many members is that the economy would be soaring were it not for that, but overall this survey is a positive reflection of the where the economy of Coventry and Warwickshire currently stands.”
The economy and skills group manager for Warwickshire County Council, David Ayton-Hill, added:”Coventry and Warwickshire’s economic outlook has been well above the national average for some time and that remains the case. It is also pleasing to see that the overall outlook has improved in the third quarter of 2018..”
“The survey was taken before the recent EU summit and subsequent announcements from major manufacturers on their future investment plans. By the time we come to the Q4 survey, the picture could be different again, so it will be interesting to see whether it has more of a bearing in businesses outlook for the future.”
