The majority of firms in Coventry and Warwickshire are heading into 2014 in confident mood, according to a new survey.
The Coventry and Warwickshire Chamber of Commerce’s Quarterly Economic Survey (QES) provides a barometer to the regional economy and also feeds into a national survey conducted by the British Chambers of Commerce.
The latest poll for the final quarter of 2013 suggests that firms in both manufacturing and the service sector are optimistic about the year ahead – especially those who trade overseas.
In manufacturing, 67 per cent of companies believe that turnover will rise next year while 68 per cent of businesses in the service sector are anticipating a rise.
When it comes to advance orders or bookings, 47 per cent of service sector companies have seen an increase for the next three months, rising to 74 per cent on advanced export orders.
In manufacturing, 29 per cent of firms say advanced domestic orders are up but that rises to 63 per cent on advanced overseas orders.
Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “On the whole, the figures paint a positive picture as we enter the New Year.
“There is no doubt that life has been extremely difficult for companies for a sustained period so no firm that we speak to is getting carried away by the fact that the economy is improving.
“Many difficult decisions have been taken over the past four or five years and companies will remain prudent as they look to grow.
“Our latest QES shows that confidence is returning but there is certainly a great deal of work to be done – especially in manufacturing.
“It’s interesting, once again, that those companies who export – in manufacturing and the service sector – have seen stronger increases in orders from overseas.
“It underlines the point of just how vital it is for companies of all sizes and sectors to look to overseas markets to grow their business and we will continue our efforts in the New Year to get more firms exporting via our international trade hub.”
When it comes to employment prospects, 29 per cent of manufacturers expect to expand their workforce in 2014 with just five per cent predicting a cut.
In the service sector, 35 per cent of companies expect to add more employees with just three per cent anticipating a cut to the workforce.
