Norwich Economic Barometer – June 2018

  • Norwich City Council have released their latest economic barometer

Norwich City Council have released their latest economic barometer. The report highlighted:

Locally

  • Business activity picked up sharply in May, helped by an increase in new orders and demand.  However this has subsequently slowed due to political and economic uncertainty
  • Unite is warning that the Constructionarium Project, which gives undergraduates construction experience, is at risk of closure as a result of the Construction Industry Training Board’s plans to close its HQ at Bircham Newton
  • More than 200 homes could be built in Norwich City centre on part of the former Jarrold printworks site.  Plans also include a 60 bedroom hotel and offices.

Nationally

  • Mild improvements in both the UK manufacturing sector and the construction sector according to PMI data
  • UK wage growth fell short of expectations – slipping to 2.8% from 2.9%, raising further doubts about whether the Bank of England will raise interest rates in the summer
  • Tight labour market conditions have placed upward pressure on staff wages and are causing recruitment difficulties.

For full details of the latest economic barometer click here.

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