Northeast manufacturers predicting boost in out put under new government
Manufacturers in the North East anticipate a significant rise in both output and orders over the next three months, according to the Q3 Manufacturing Outlook survey by Make UK and BDO. Following the recent change in government, nearly 60% of companies are optimistic about improved economic growth in the coming year, with only 6% predicting a decline in GDP.
The survey indicates a projected rise in output from -17% to +33%, and total orders are expected to increase from +50% to +69% in the near term. In response to this anticipated growth, companies are planning to hire more staff and invest in their operations.
Despite the positive outlook, Make UK has revised its 2024 manufacturing growth forecast from 1.2% to 0.5%, citing updates from the Office for National Statistics. Dawn Huntrod, regional director of Make UK in the North, highlighted the stabilizing effect of the new government but called for a sustained focus on industrial strategy and investment in infrastructure. Steve Talbot from BDO echoed this sentiment, noting that political stability has boosted business confidence, though the region still faces challenges in recruiting skilled workers for the manufacturing sector.