Finance
Survey shows rise in activity
A new economic survey of business activity in the West Midlands has painted a surprisingly rosy picture, despite the effects of Covid-19. The NatWest West Midlands
Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – recorded a fourth consecutive monthly increase in new business at private sector firms in the West Midlands in September. Companies surveyed put this
down to a relaxation of lockdown restrictions related to the Covid-19 pandemic, leading to the reopening of business premises and increased demand. Demand for both goods and
services improved, with manufacturers leading the rise. Private sector companies in the
West Midlands reported that they were strongly confident of a rise in business activity over the course of the coming year. However, the downside has been on the jobs front, with the end of the third quarter, marking an eight-month contraction where employment is concerned. Respondents to the survey said
that redundancies and restructuring policies, stemming from Covid-19 were the main factors leading to lower headcounts, and although payroll numbers declined in each of the 12 monitored UK regions, it was
in the West Midlands that the sharpest fall was recorded. John Maude, NatWest Midlands &
East Regional Board, said: “It's encouraging to see that economic conditions in the West Midlands
John Maude: economy is going the right way
continued to improve in September from the Covid-related contractions seen earlier in the year. “Survey participants indicated
that business openings related to easing lockdown restrictions played an important role in the latest results, with firms in the region securing new work as a result and lifting business activity accordingly. “Companies also became more
optimistic of a rise in output in the coming 12 months, largely reflecting hopes that a vaccine for Covid-19 will be rolled out and that demand will fully recover. “Worryingly, but unsurprisingly,
there was another decline in employment. The fall in payroll numbers was broad-based across the 12 monitored UK regions, though the strongest in the West Midlands. With backlogs data suggesting that there remains spare capacity among panellists, a sustained period of strong new order growth may be required before businesses resume their hiring efforts.”
New premises is funded
A Sutton Coldfield-based facilities management and engineering firm has purchased a new commercial property thanks to funding from HSBC UK. 3D Facilities Support has used
part of the £1m funding to move to a new unit seven times larger than its old premises in Boldmere. The new property occupies just
more than 8,000 sq ft while part of the funding has also enabled the business to fit the premises
Right move: 3D’s new home
out with a new kitchen, an open plan office space, individual offices, a board room, a training room, alongside a warehouse and on-site parking. 3D Facilities Support delivers
building maintenance and support programmes for its customers across a variety of sectors, including education, retail, hospitality and automotive. Managing director Neil Davis
said: “Thanks to the support from our relationship manager at HSBC UK, Sarah Eyles, the platform we now have, including the new business premises, skilled workforce and company culture, will enable us to facilitate business growth for years to come.”
November 2020 CHAMBERLINK 57
Sector Focus
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