Industry is increasing its importance to the North West economy as the total jobs in North West manufacturers shows growth of 4.5% since 2010 and now accounting for almost 10% of the North West workforce.
As reported by BusinessDesk.com the research, from EEF, the manufacturers’ organisation, and accountancy and business advisory firm BDO, shows that, overall North West manufacturers have built on the momentum seen in 2017, recording healthy output and order balances across the year.
The upturn is the result of healthy demand from both home and foreign markets and is largely influenced by the pharmaceutical industry, which makes up almost a fifth of manufacturing in the North West.
Transport, especially aerospace, has also been a strong performer for the North West on the back of strong order books and a seemingly insatiable demand for air travel.
The North West also continues to be a strong export performer, accounting for almost 10% of total UK manufacturing exports.
The region depends slightly less than other regions on exports to the EU and has the highest share of any UK region of exports to Africa and the Middle East, accounting for 11.3% of the regional total.
Richard Halstead, director of member engagement for EEF in the North, said:
“The report shows that industry continues to have an increasingly vital role to play in the North West.
“The last year has seen a strong performance with lofty heights being reached in the second half of last year and it is no surprise to see some easing back in the first half of 2018.
“There are well-documented challenges going forward, not least those facing the automotive and construction supply chains.
“Furthermore, the progress of Brexit negotiations has the potential to be a factor in the future performance of manufacturers in the North West.
“Despite this, those companies that invest and innovate will still have the best long-term prospects and can contribute to raising the productivity performance of the region and the UK as a whole.”
Read the full story at BusinessDesk.com