Manufacturers In South West England ‘Lead The UK For Job Creation In 2022’
by Liz Seyi Digital marketing managerThe findings of a new quarterly survey, as reported
by the BusinessLivewebsite, have revealed that the manufacturing sector
in the South West has enjoyed a strong start to 2022, and is even leading the
country in creating jobs.
The most recent quarterly manufacturing outlook
survey from the organisation Make UK, which represents manufacturers across the
country, shows that factories in the region benefitted from “very strong” domestic
orders – the highest level of any region of the UK.
BusinessLive reported that overseas orders
also continued to be strong, reflecting international markets that have seen a
resurgence over the course of the past 12 months.
Exactly how strongly did South
West manufacturers fare during 2022’s first quarter?
The poll found that total output in the region
recorded a positive balance of +56%, which was the highest figure seen for any
region of the UK, and almost twice the level of output recorded for the last
quarter of 2021.
The situation in the South West has also been
helped over the last few quarters by an emerging recovery in the aerospace
industry, as well as heightened investment in renewable energy.
These heartening factors all seem to be feeding
into the regional jobs outlook, which has shown the highest level of
recruitment intentions in the UK, as firms take on new staff to help them meet
demand. Also very positive by historical standards are the investment
intentions on the back of this.
But companies are still worried
about inflation
Mirroring the situation around the wider UK,
manufacturers in South West England are still worried about spiralling
inflation, which is forcing businesses to put up their prices at record levels
for the fifth quarter in a row.
Make UK has called for Chancellor of the Exchequer
Rishi Sunak to use his Spring Statement – which he is set to deliver on 23rd
March – to take whatever measures are required to help companies that are
having to cope with rapidly escalating energy prices in particular.
The manufacturers’ body, which has predicted growth
for manufacturing of +3% during 2022, has said that the Chancellor should delay
the proposed rise in National Insurance set to take effect in April 2022.
Make UK’s southern regional director, Jim Davison,
commented: “Manufacturers in the South West have seen a very strong start to
the year as the economy has fully reopened.
“However, companies are now facing eyewatering
increases in costs which are threatening to stop the economy in its tracks. As
a result, the most immediate priority for the Chancellor in the short term must
be to use his Statement to do whatever it takes to support companies through
this difficult period.”
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Created on May 24th 2022 05:26. Viewed 142 times.