JOB prospects in Coventry and Warwickshire remain positive – despite a slight dip in confidence among businesses across the region.
That was one of the findings of the Coventry and Warwickshire Chamber of Commerce’s final Quarterly Economic Survey (QES) of 2024.
The survey measures the responses of businesses across the services and manufacturing sectors, giving scores out of 100 where anything above 50 indicates growth and anything below 50 is negative.
The score for domestic sales dropped slightly in the service sector to a score of 57.3 from 63.3 – but the fact the score is still above 50 indicates growth. In manufacturing, the score jumped from 52.3 up to 60.3.
From an export point of view, the number dropped for both service and manufacturing businesses. Both now sit beneath 50.
Investment and cashflow fell in the service sector to 51.2 while it remained flat in manufacturing at 54.7.
Business confidence across the board fell but remains in positive territory – at a score of 65.6 in the service sector and at 51.3 in manufacturing, giving an overall economic outlook for Coventry and Warwickshire of 56.3, down from 60.2 in the previous quarter.
However, there was positive news on the jobs front with employment prospects in the service sector up from 55.3 to 58.6. In manufacturing, the score moved to 59.2 from 53.4.
Corin Crane, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “Businesses have had to live with a huge amount of uncertainty over the past few years and that continued post General Election with a Budget that was unexpectedly tough on companies, with up-front costs rising.
“It is not surprising, therefore, that business confidence and the wider economic outlook took a little bit of a dip. That said, it still remains in positive territory which means there are prospects for growth across the region.
“That is down to the incredible resilience and innovation of businesses across all sectors from the whole of Coventry and Warwickshire.
“It is pleasing to see that local companies are still looking to grow from an employment point of view, especially as there were additional burdens placed on businesses through a higher minimum wage and an increase in employers National Insurance which our national QES data suggests is having a bigger impact on recruitment in other Chamber areas.
“It is absolutely crucial that they can find the skills needed to support their growth.”
He said his biggest concern was the dip in export orders for businesses across the region.
He added: “Growing international trade is something that must be a priority for the Government because it is a sure-fire way of boosting the economy and has a positive impact on businesses who do export, as well as their supply chains.”
