It’s official! Growth in UK manufacturing remains strong, according to a recent survey by the Markit/CIPS Purchasing Managers’ Index (PMI).
Performance made a ‘strong start’ in the New Year, with growth tracking at one of the highest rates in the 22-year survey history, and export orders have reached their highest level in almost three years.
In particular, Midlands manufacturing firms are growing faster than the UK average, according to the Manufacturing Advisory Service (MAS), with many reporting growth of up to 10%.
As a result of this continued expansion, employment has increased and the long awaited rebalancing of economic growth is finally in sight. All this is very good news for UK manufacturers, with the manufacturing sector accounting for around a tenth of Britain’s economy, which officially expanded by 0.7% in the final three months of 2013, and overall by 1.9% in 2013. This is the strongest rate since 2007.
Chancellor, George Osborne, commented that ‘the economic recovery is broadly based, with manufacturing growing more than other sectors’, resulting in a ‘rebalancing of the British economy’. Echoing his comments, Andy Tuscher, Northern Director at EEF, the manufacturers’ organisation, said: “Manufacturers have begun the year in a positive mood, maintaining the solid activity trends seen during the second half of last year.”
These figures are good news for Redhill Manufacturing, based in Redditch, in the West Midlands, the company continues to reflect both the UK and Midlands’ trend for strong growth, with increased orders, greater output both at home and abroad, and full confidence for the future.
Source: BBC Business News 28th Jan & 3rd Feb 2014, BBC News Birmingham & Black Country 29th Jan 2014, The Journal 4th Feb 2014.