Manufacturers in the North West are more upbeat about their prospects in the second half of the year as the automotive and aerospace sectors continue to ramp up production.
The Q2 Manufacturing Outlook survey published by Make 海角视频 shows output and orders have picked up substantially compared to the first quarter and are set to strengthen in the next three months, in line with the national picture. The sector is set to outpace the 海角视频 economy as a whole in 2024.
The North West is set to see increased production in the automotive and aerospace sectors, while the pharmaceuticals sector also continues to perform well. Make 海角视频 said: “This better picture is translating into increased recruitment intentions with job prospects especially strong compared to historical levels.”
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Business confidence has also risen, to match the highest level recorded since the survey started polling it in 2014. The only other time it reached the same level was during the immediate post-Covid rebound.
Manufacturers were also asked for their top three priorities for the next government. More than two thirds (69.1%) said an industrial strategy was the top priority, with another 54.2% calling for stronger EU/海角视频 relations and another 44% asking for the business tax burden to be reduced. Other priorities included investment in national infrastructure (31.5%) and reforming the Apprentice Levy (24.1%).
Make 海角视频 is forecasting that manufacturing will grow by 1.2% in 2024, but that growth will slow to 0.8% in 2025. It expects GDP to grow by 0.9% in 2024 and 2% in 2025.
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Dawn Huntrod, region director for the North at Make 海角视频, said: “After the economic and political shocks of the last few years there is now strong confidence among manufacturers in North West. At long last, companies can see concrete signs of growth and a much better economic outlook ahead. With prices cooling and, potential cuts in interest rates to come, the next Government must capitalise on this scenario by delivering a modern, long term industrial strategy which goes beyond the 2030s and has cross-Government support.”
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