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Strong performance from local business boosts Notts economy

George Cowcher

George Cowcher

The Notts economy took a further step forwards in the second quarter of the year thanks to another strong performance by local businesses.

The latest Quarterly Economic Survey, from the county’s Chamber of Commerce, found that between April and June 57% of local firms reported an increase in UK sales and 35% reported a rise in export sales.

An increase of 7% on Q1, 41% of firms reported that they were now operating at full capacity and 53% of business attempted to recruit staff in the three months.

The Chamber tracks business performance across a range of key economic indicators to produce a quarterly State of the Economy Index. In Q2, the index rose by a further 22 points to 411, its highest level since Chamber records began seven years ago.

Looking ahead, UK orders and bookings increased for 47% of survey respondents while there was an increase in advance overseas custom for 44% of firms and 35% of firms said they expected to recruit over the next three months.

In terms of business confidence, 71% of firms expected turnover to increase in the year ahead while 64% predict increased profits.

Chamber Chief Executive, George Cowcher, said: “The Nottinghamshire economy gained further momentum in the second quarter of the year thanks to another solid performance by local businesses

“It’s extremely encouraging to see the progress the economy has made over the space of a year, from slow and patchy growth at the beginning of 2013 to making great strides during 2014.

“This quarter’s results again highlight some positive trends which have been relatively quiet in recent surveys – notably the stronger performance in overseas markets, more businesses operating at full capacity and an even greater number of businesses looking to recruit.

“It is important, however, that complacency does not set in. There are hurdles ahead, including interest rates adjustments in the foreseeable future.

“With less than a year to go to the General Election, we are about to enter a period of heightened political uncertainty, which makes it even more important to maintain a healthy and sustainable economy.

“At such a crucial time for the economy, businesses don’t want to see populist decision-making or short-term politicking which undermines strategic long-term decisions as this could jeopardise success and growth potential in the years ahead.”

 

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