IT contractors could see high demand as improving economy boosts sector growth
Latest findings from a recent KPMG/Markit report could come as great news for IT contractors, as the tech sector continues to experience robust growth.
The latest KPMG/Markit Tech Monitor UK survey has shown that the tech sector enjoyed a quarter of robust growth from April to June 2014 with the expansion of business activity rising at its fastest pace since the onset of the financial crisis, in 2007.
The survey suggests that improving UK economic conditions have helped to sustain growth, which has resulted in 61% reporting a solid up-turn in business activity expectations over the following year.
Of those surveyed, 43% have said that they plan to take on additional staff within their tech firm.
Commenting on the latest Tech Monitor UK results, Tudor Aw, Head of Technology at KPMG, said, “The UK tech sector is firing on all cylinders with sustained growth outstripping the wider economy. Importantly, this good news story looks like it will continue in the year ahead with many tech companies planning to loosen the purse strings to hire staff and raise capital expenditure. For the first time since 2007, there is also a welcome upturn in Tech IPOs which hopefully signals the beginning of a comeback of Tech companies to the London Stock Exchange, something that will be important in convincing tech start-ups that the UK is the right place to be.”
Tim Moore, Senior Economist at Markit, commented, “The latest survey provides a resoundingly bullish snapshot of UK tech sector performance in 2014 so far, with companies in the midst of their strongest overall growth phase for at least seven years. Not only is the tech sector enjoying a longer and steeper growth upswing than the wider UK economy, but a broad spectrum of tech companies continue to report confidence in terms of job hiring and investment spending for the next 12 months.
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