Bouyant businesses looking to growth

Sir Nigel Knowles. Picture: Andrew Roe

Sir Nigel Knowles. Picture: Andrew Roe

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The region’s economy is growing and firms are feeling optimistic, a survey on the second quarter of the year has shown.

The Sheffield City Region Quarterly Economic Survey – an authoritative survey, of nearly 400 businesses – reveals export sales and advance orders grew for manufacturers. But the service sector suffered a slight fall in domestic and overseas sales compared to the previous quarter.

Both sectors said they had recruited and expected to continue to and both sectors were confident turnover would improve over the next 12 months.

The survey – run by the Sheffield City Region Local Enterprise Partnership, four Chambers of Commerce and Sheffield University Management School – gives a snapshot of how the regional economy.

It is sponsored by RBS South Yorkshire and North Derbyshire.

Prof Andrew Simpson of the University Management School stated: “Overall the results show a confident regional view of the economy.

“The forward-looking predictions are likely to see some measure of fluctuation in the short term following the referendum, and the next quarter’s survey will be critical in understanding the effects of the vote to leave the EU.”

Sir Nigel Knowles, chair of the Sheffield City Region Local Enterprise Partnership, said: “These positive results will help us to continue to influence strategy and inform the City Region’s approach to local, regional and national decision-makers and foreign direct investors.

“The Quarterly Economic Survey helps us to shape policy and our support for our valuable businesses here in the region; with these results driving us forward, we will continue to work together with the business community as we further solidify our position as a truly competitive centre of business excellence.”

Businesses will be surveyed again in August to reveal any potential impact of Brexit on the business economy. The Q3 survey opens on August 22 and runs until September 12. Visitwww.screconomy.org.uk for further information.