Business News Business News Latest news from Greater Birmingham Chambers of Commerce Snapshot says skills remain an issue…
Recruitment continues to be a major concern for businesses across the West Midlands, a new regional survey has revealed. The newly-launched West Midlands Quarterly
Economic Snapshot offers an up-to-date picture of business performance and is now the most comprehensive regular report of its kind in the region. The findings are drawn from official statistics sourced from various bodies, including
IHS/Markit CIPs and the Office of National Statistics along with data gathered from quarterly economic surveys by Greater Birmingham Chambers of Commerce, Black Country Chamber of Commerce and Coventry & Warwickshire Chamber of Commerce. The surveys comprise information gathered
from local businesses on key indicators such as sales, exports, recruitment plans and turnover projections. In total, just under a thousand businesses
completed the survey, with 72 per cent of them operating in the services sector and 28 per cent in the manufacturing sector. The biggest problem concerned recruitment
trends with 50 per cent of firms saying they faced difficulties. Broken down, 63 per cent of manufacturers and 45 per cent of service firms said they faced labour problems.
However, there was brighter news with 67 per
cent of all firms expecting their turnover to increase in the next 12 months and 62 per cent predicting profit levels to rise. Paul Faulkner, chief executive of Greater
Birmingham Chambers of Commerce, said: “The data from the Snapshot offers an interesting compliment to the official employment statistics for the West Midlands. “Half of the firms surveyed faced recruitment
difficulties and almost two thirds of manufacturers that attempted to recruit encountered problems – businesses in Coventry and Warwickshire were particularly affected. Once again, this points to skills shortages continuing to affect local firms’ ability to source the right people for the right roles.” Corin Crane, chief executive of Black Country
Chamber of Commerce, said: “It is good news that a relatively low figure of 11 per cent of firms reported a decrease in export sales in Q1 2018. “With Brexit negotiations moving on to what a
future trading relationship will look like between the UK and EU, businesses can now benefit from genuine clarity from the Government.”
Paul Faulkner: Skills shortages still an issue ...but employment figures continue to rise
The West Midlands has been handed a jobs boost – with regional employment reaching a record high and unemployment continuing to fall. Figures released by the Office for National
Statistics revealed employment increased by 1.4 per cent between January and March. Over the past year, the West Midlands’
employment rate has climbed from 71.4 per cent to 73.7 per cent – the largest increase of any UK
region. Meanwhile, the number of people out of work has continued to fall. The unemployment rate decreased by 0.2 per
cent to 4.2 per cent in the January to March period. The West Midlands Quarterly Economic Snapshot is based on a survey of almost 1,000 local businesses. It is the most comprehensive regular survey of its kind. It is published jointly
by the Greater Birmingham Chambers of Commerce, Black Country Chamber of Commerce and Coventry & Warwickshire Chamber of Commerce.
The Quarterly Economic Snapshot is available to download here:
www.greaterbirminghamchambers.com/researc h-campaigning/our-economy/
June 2018 CHAMBERLINK5
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