Export figures grew strongly across Suffolk in the second quarter, outperforming the regional average and more firms in the county saw an increase in domestic orders and sales rather than a fall, according to a British Chamber of Commerce survey.
A majority of firms expect to increase turnover and profitability this year and a balance of +36% of manufacturers expect to increase profits. Just over a third of the 228 firms reporting were running at capacity and more firms are expecting to increase prices.
Modest jobs growth seen in the second quarter is set to continue into the third quarter. Suffolk outperformed the regional average in terms of positive cash flow and investment plans but was behind on training. The majority of firms had also struggled to recruit staff although in the long term the main concerns were inflation, competition and corporate taxation.
Suffolk Chamber chief executive John Dugmore, said: “…the figures show a local economy that is doing well across the board … However, we are concerned that this momentum could falter both if firms cannot recruit the right staff to fill vacancies and if they see their margins eroded by increasing levels of taxation and inflation.“
