A growing number of West manufacturers plan to recruit staff and invest in new technology over the next six months, according to the latest barometer survey by the Manufacturing Advisory Service (MAS).
It shows 38% expect to increase employment – up from 30% a year ago – while 35% expect to step up investment on new technology – up from 34% one year ago. Some 41% also forecast turnover growth.
These figures follow positive reports on turnover and order books. The barometer survey, which covers the period October to December last year, shows more than half (51%) increased sales and almost half (49%) reported increased order books during this period.
MAS area director Simon Howes said: “It is heartening to see West manufacturers continuing to report positive results despite the challenging economic climate. This is a clear reflection of the ambition and tenacity of manufacturers in the region.
“MAS is committed to helping manufacturers unlock their growth potential. We want companies to increase employee numbers and invest more in technology. With barometer respondents reporting increases in each of these sectors compared to one year ago, we are confident that manufacturers in the West will recognise and capitalise on opportunities to grow.
“West manufacturers have exceeded their sales forecasts every quarter for the last two years with the exception of just two quarters, so the outlook is more encouraging than may be perceived.”
The barometer provides a snapshot of regional manufacturing trends as well as an overview of economic conditions and sector issues.
MAS is funded by the Department for Business, Innovation and Skills (BIS) and the European Regional Development Fund (ERDF).
Since its launch in the West in 2002, MAS has
- Advised and given information to more than 3,000 organisations
- Visited 1,800 manufacturers
- Assisted 1,000 manufacturing companies to improve performance
- Delivered more than 8,000 days of best practice modules and workshops
- Saved more than £100m across 653 businesses
