Manufacturing Predicting Growth

I attended a very informative breakfast event today at HSBC in Fulwood, Preston. The event focused on developing growth strategies for Lancashire manufacturers. There were some interesting messages coming from the event, which I have summarised below. According to the 2014 MHA Manufacturing and Engineering Survey Report:
  • 92% of Manufacturers surveyed are expecting business growth upwards of 10%
  • 62% are expecting an increase in staff numbers
  • 85% of Manufacturers are predicting investment in Research and Development activities
  • There is a lot of optimism within the sector although the most significant issue is the skills gap
This information was backed up by Darrell Matthews of EEF who stated that confidence within the Manufacturing sector is the highest since 1992 and that the UK is at the top of the EU growth list. He also raised concerns over the skills gap with the biggest risk coming from rising energy costs and carbon taxes. Overall good to see so much positivity within the sector.