Optimism is at a high for manufacturers in Suffolk as domestic and export sales increase according to the latest economic statistics for the county.
The Suffolk Chamber of Commerce first Quarterly Economic Survey for 2014, which covers January to March, show the county performing better than the national average.
“The feedback from our manufacturers around both domestic and export sales is excellent news and sets the pace for Suffolk Chamber’s 2014 ‘Business is Good for Suffolk’ campaign,” said Dr Peter Funnell, the President of Suffolk Chamber of Commerce.
“Taking account of the strong performance of the service sector in domestic markets, we can also continue to be positive about the prospects for economic and jobs growth in the county for the rest of 2014.”
The service sector in Suffolk had a successful quarter in the domestic market, with both the deliveries and orders balances soaring to all-time high levels. As with manufacturing, county-based firms in the service sector also shared their optimism on turnover and profitability.
“Suffolk is the home of hard working and entrepreneurial businesses,” Dr Peter Funnell added.
“The latest figures tell us that there is a 19 per cent increase in employment in the service sector with prospects for taking on new staff rising to +33 per cent, the highest point since the first quarter of 2008.”
Confidence in turnover improved for the third consecutive quarter, up eleven percentage points to the highest level seen since the end of 2007.
“Having worked hard during the worst of the recession Suffolk businesses are continuing to grow in confidence and are beginning to invest,” said Suffolk Chamber of Commerce Chief Executive John Dugmore. “The picture from this important survey is encouraging and together with new initiatives such as the Norfolk and Suffolk Growth Hub, which will help optimise business growth opportunities in the area, we expect the position to strengthen going forward.”
The survey was conducted in March 2014 and the results were analysed by a research team at Suffolk County Council.