QES Q2 2017 Report highlights more progress for local businesses

The Herefordshire & Worcestershire Chamber of Commerce has published a full report and economic brief for its Quarterly Economic Survey for Q2 2017. The full report can be viewed here.

Commenting on the findings of the report, Gary Woodman, Chief Executive of Worcestershire Local Enterprise Partnership, said: Findings from the latest QES report highlights more progress for local businesses, with cash flow having increased during the past 3 months for over a third of companies (34%) and two thirds are expecting to increase their turnover in the next 12 months. Local businesses are also expanding their workforce at an increasing rate, with over 29% having increased their workforce in the past 3 months and over 35% of companies set to increase their number of staff in the next 3 months.

However, the report recognises the potential risks being caused by inflation, with nearly a third of businesses suffering pressures to increase the price of their goods and services over the next quarter and over half of those companies citing rising raw materials prices as a pressure.

The picture remains positive as a whole for Worcestershire and we have already seen two high profile achievements this year, having recently achieved the strongest growth in workforce productivity and higher level workforce skills in the UK.