Suffolk firms maintain their revival as economic performance improves for the second quarter
10 Jul 2012
The latest economic figures for Suffolk are showing that growth and increasing confidence is being experienced by businesses in the county.
The publication of the Suffolk Chamber of Commerce second Quarterly Economic Survey of 2012 covered company performance in the second three months of this year. The survey was conducted in late May / early June and the results were analysed by the research team at Suffolk County Council.
“Following a difficult twelve months in 2011 we are now beginning to see that a more settled improvement took place in the first half of 2012,” said Dr Peter Funnell, the President of the Suffolk Chamber of Commerce. “This is good news as there is a clear pattern of growth and greater confidence emerging amongst local firms and we are beginning to see encouraging signs that the economy is on the mend.”
The latest statistics also show that manufacturers reported increased employment levels in Quarter 2 while investment in training has continued to grow. Manufacturers shared their concern regarding the long term prospects because confidence in turnover and profitability both took a dip after an upbeat six months. However, there were slight improvements in capacity utilisation and cash flow.
“Whilst the UK economy seems to be finding it difficult to make marked improvement over a sustained period, here in Suffolk there has been a real positive response from the county’s companies,” added John Dugmore, the Chief Executive of Suffolk Chamber of Commerce. “The government must underpin these efforts by improving both their access to finance and investment in key infrastructure priorities such as road, rail and broadband.”
The second half of 2011 was difficult for the service sector but the robust performance of the first months of 2012 has been maintained throughout the spring. Once again there has been very strong performance, in terms of sales and orders in both the domestic and export markets. Exporters are showing some of their best figures since 2001 with local firms outstripping their national counterparts.
“Overall we can be encouraged by these latest figures,” John Dugmore continued. “They once again show that the hard work of local companies is making a real difference to the medium and long term prospects of the local economy.”
“Our members tell us that they are feeling more and more confident but they need government to work with them to ensure this growth can continue. That is why we will continue at the Chamber to push for improvements and investment in infrastructure at the earliest opportunity,” he added.
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