Half of all manufacturing small and medium-sized enterprises (SMEs) are planning to invest in new machinery and premises.
That’s according to to the latest Manufacturing Advisory Service (MAS) barometer, which surveyed 682 firms on their plans for the future.
The report also revealed the highest number of manufacturing SMEs predicting future increases in sales turnovers since it began – at 67 per cent.
Area director for the MAS, David Caddle, said: “Manufacturers tend to be very cautious and traditionally would have needed significant confidence in the long-term future to relax the purse strings.”
“Encouragingly, the latest barometer provides the clearest indication yet that companies are prepared to invest.”
The news comes after the Engineering Employers Federation recently said the UK could be on the verge of an investment renaissance, while also urging more needs to be done to get companies interested in using external finance again.
It also looks positive for manufacturing SMEs on the job front, with 43 per cent of those responding to the MAS barometer saying they were planning to take on new staff; a figure three per cent up on the last report.
Posted by the Secret Businessman