Manufacturers to boost technology spend
24 Feb 2015
More than half of all small and medium sized (SME) manufacturers in England are planning to invest in new production technology, according to a government report.
The Business Growth Service’s Manufacturing Barometer survey of 546 SME manufacturers in England found that 54% said they were planning to increase investment in new technology, the highest figure recorded in the six-year history of the Barometer.
Companies are recognising that they need to spend in order to compete globally
“Record investment plans in technology should be welcomed,” said Business Growth Service head of manufacturing Steven Barr.
“This shows companies are recognising that they need to spend in order to compete globally, offering unique processes and technologies that establish themselves on the added value chain.”
The survey also found that 59% of respondents indicated that turnover had increased in the previous six months (up 4% on the last report), with over two thirds (70%) expecting further increases over the next quarter. Half of the firms surveyed were still looking to recruit.
“There have been concerns that manufacturing is slowing down, and GDP figures from the Office for National Statistics did indeed reveal a slight decline,” added Barr.
“I’m pleased to say that SME manufacturers are feeling more optimistic. Turnover for the last period has bounced back strongly and the outlook for future sales appears positive, with automotive and construction strong and new opportunities in offshore wind and nuclear opening up previously untapped markets.”
