Norwich Economic Barometer – May 2020
16/06/2020 - 14:35
Norwich City Council have released their latest economic barometer. The report highlighted:
- Norwich food processing equipment manufacturer Fabcon Food Systems has won a six-figure contract to supply and install bespoke machinery for a seasoning and distribution line in Belgium.
- An online platform to help engineering and manufacturing companies in Norfolk and Suffolk share employees by enabling them to move to another business during quieter periods is being set up.
- The East of England benefitted from an 11% rise in the number of foreign direct investment (FDI) projects year on year. The FDIs created nearly 3,000 jobs across the East.
- UK construction companies indicated a sustained downturn in business activity during May. Furloughed workers across their supply chains contributed to reduced activity
- More than a quarter of the UK workforce is now being supported by the government's furlough scheme and the cost so far has reached £19.6bn
- Total UK sales fell by 5.9 per cent compared with the previous year, dragged down by temporary shop closures