There are signs of business confidence returning in Midland firms, according to a new survey.
The Coventry and Warwickshire Chamber of Commerce has just revealed the results of its Quarterly Economic Survey (QES) following the first quarter of 2012.
The results, which are fed into a national survey by the British Chambers of Commerce, reveal a much more buoyant mood among firms than at the tail- end of 2011.
In manufacturing, 62 per cent of companies are predicting a rise in turnover in the next year compared to just 47 per cent of firms who said the same turnover would rise three months ago.
In the service sector, 58 per cent of companies believe turnover will rise in the coming year. That was only 42 per cent when the last survey was carried out at the end of 2011.
There also appears to be better news on the jobs front, with 40 per cent of manufacturers saying their workforce will increase in the next three months compared with 21 per cent when the last survey was undertaken. Just four per cent of manufacturers expect to shed staff.
Twenty-nine per cent of service sector businesses say they will increase their workforce, which is up slightly on the 20 per cent who said the same in December. Only eight per cent of service based companies expect staffing levels to fall.
Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “This is a much more positive survey compared with three months ago.
“I am not sure they are enough to start predicting a sudden, major rise in economic growth across our patch but they certainly bear out the anecdotal evidence we are hearing from business.
“One of the key factors in confidence is the fact that while the difficulties in the eurozone have not gone away, they have not been dominating the headlines on a daily basis.
“The vast majority of businesses now see that even if they are not directly linked to overseas trade, problems abroad – particularly in Europe – affect us.”