Norwich Economic Barometer – June 2018

Norwich City Council have released their latest economic barometer, which has highlighted that business activity in the region picked up sharply during May, assisted by an increase in new orders and demand.  However, the recent political and economic uncertainty has resulted in a more recent downturn.

Unite have recently warned that the ‘Constructionarium Project’, which gives undergraduates construction experience, is at risk of closure due to the Construction Industry Training Board’s plans to close its HQ at Bircham Newton.

As part of a redevelopment project, more than 200 homes could be built in Norwich City centre on the former Jarrold printworks site.  Plans also include a 60-bedroom hotel and offices.

Nationally, there have been mild improvements in both the UK manufacturing and construction sector. According to PMI data, UK wage growth fell short of expectations, slipping to 2.8% from 2.9%, raising further doubts about a Bank of England interest rate rise in the summer.

The tight labour market conditions have also placed pressure on staff wages, causing recruitment difficulties.

For further information, please visit the Norfolk Chamber of Commerce.