Tuesday, April 23, 2024

East Midlands manufacturers see mixed start of the year

East Midlands manufacturers are seeing a mixed picture as they start the year but confidence is remaining robust despite the UK economy remaining weak overall.

However, Make UK is forecasting growth for manufacturing of just 0.1% in 2024 and 0.8% in 2025 which is weaker growth than the economy overall.

The findings come in the Q4 Manufacturing Outlook survey published by Make UK and business advisory firm BDO. According to the survey, output in the East Midlands was negative in the first few months of the year. However, looking forward both output and orders are set to pick up substantially in the second quarter of the year with orders in the next three months especially strong.

This positive picture is reflected in strong recruitment by firms and a jump in investment intentions to the highest level of any English region, which may be due to the full expensing policy announced by the Chancellor in the Autumn Statement. 

Chris Corkan, Region Director for the Midlands at Make UK, said: “After the economic and political shocks of the last few years there is now strong confidence among manufacturers in the East Midlands, despite the mixed picture. While growth in the economy is not exactly supercharged, the positive announcements in the Autumn Statement and Budget can at least allow them to plan with more certainty for the future.”

Jonathan Lanes, Head of Manufacturing at BDO in the Midlands, added: “Manufacturers in the East Midlands have continued to show their ability to overcome wave after wave of challenges, but they cannot continue to do this indefinitely without some more long-term support from the Government.

“Despite the challenges faced across the region, demand for labour remains strong with investment intentions higher than in any other English region. That said, the next few months will be critical to the sector within the East Midlands.” 

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.