UK Contractors: Manufacturing sector continues to see strong growth
Contractors in the manufacturing sector will be pleased to hear that the industry is experiencing strong growth.
The latest quarterly survey carried out by manufacturer’s organisation EEF and BDO, has revealed that the sector is enjoying increasingly strong growth due to great UK sales and a boost in overseas trade.
The first quarter of 2014 has shown that this growth in the manufacturing industry has spread to all regions and sectors.
EEF Chief Economist, Ms Lee Hopley said, “This is the most positive set of indicators we have seen for some time, demonstrating that we’ve not just turned the corner, we’re actively heading down the right road.
Manufacturers are clearly feeling more confident as their order books fill up and exports are strong. It is now vital that Government does all that it can to underpin support for companies, giving manufacturers the confidence to fulfil their investment and recruitment plans.”
Tom Lawton, Head of Manufacturing at BDO added, “The broad nature of the recovery that this survey points to is a source for particular encouragement as it has been some time since all sectors have been moving in the right direction.”
Another survey released last month revealed more positive news with regards to the manufacturing sector, showing that job creation has hit record figures.
The Markit/CIPS UK Manufacturing PMI (Purchasing Managers Index) found that the pace of jobs growth reached a 33-month high in February, as the improved performance of the sector encouraged companies to take on more staff.
Commenting on this report, Rob Dobson, Senior Economist at survey compilers Markit, said, “The survey suggests we should expect another quarter of robust economic growth in the opening quarter of the year.
“The Manufacturing PMI ticked higher in February to provide welcome reassurance that the sector has weathered the storms and flooding in parts of the country during the month. Growth of production and new orders lost only a little momentum and are still rising at above trend rates.”
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