The 200 delegates at the recent
East Midlands Manufacturing and Engineering Conference and Expo (held at Loughborough University’s West Park Teaching Hub) were told that manufacturing has accelerated into 2017.
Chris Hobson, director of policy at East Midlands Chamber, said that manufacturing’s performance so far this year has improved, even when compared to the very positive end to 2016.
Quoting the Chamber’s economic survey for the first three months of the year, he said that 50% of manufacturers had seen growth in domestic sales, while 40% had reported growth in overseas sales. Moreover, advance orders from both domestic and overseas markets were up.
Nearly 50% of manufacturers had increased their workforce to meet growing demand, although over half of those were struggling to recruit suitably skilled staff.
A third of manufacturers said that they planned to increase their training budgets, while a quarter said they planned to invest in plant and machinery. Three quarters said that they expected their turnover to increase in the coming year, and nearly 60% of them anticipated profitability growth for the coming year.
Mr Hobson said: “It’s great to see our manufacturers accelerate into 2017, taking advantage of growth in both domestic and international markets, aided by a favourable pound for those exporting.
“In past surveys, many reported plans to grow into new markets, and it may be that we’re starting to see some of those plans being realised.
“There are still uncertainties about how Brexit negotiations will unfold, but what these results show is that manufacturers in the East Midlands will be on the front foot in facing these uncertainties, investing in training and new equipment to make sure they’re as well placed as they can be to rise to the challenges and opportunities that the coming months and years will bring.”