The Herefordshire & Worcestershire Chamber of Commerce has published a full report and economic brief for its Quarterly Economic Survey for Q4 2016. The full report can be viewed here.
Commenting on the findings of the report, Gary Woodman, Chief Executive of Worcestershire Local Enterprise Partnership, said: “The results of the latest QES show growing optimism within the local business community, reflected in increased investment and increased business confidence. This can be seen with nearly 70% of businesses expecting a greater turnover and nearly 63% predicting an increase in profitability.
However, it is clear that businesses are still concerned over Brexit and future growth. Figures show that cash flow has decreased for more businesses in comparison to previous quarters, and a greater number of businesses have been reporting a decrease in export sales. But it is great to see that companies are protecting their long-term growth by investing in new machinery, equipment and buildings, contributing to Worcestershire’s impressive productivity growth over recent years.
It is also good to find that businesses are having greater success in recruiting this quarter. Worcestershire LEP is committed to ensuring businesses have a skilled workforce to recruit from and has invested in a number of projects to raise the skills in the area, for example, we have invested funds from the Government’s Growth Deal into the Redditch Skills Academy which will support an increasing number of engineering apprentices, and our Annual Apprenticeship Awards further celebrate excellence in skills.”