With near full employment continuing in the county, businesses are taking a positive & optimistic view on the future, and are taking on staff & forecasting profitability.
Last week, Spanish automotive parts supplier Gestamp announced its decision to build a £70 million new facility in Staffordshire, and it’s being seen as a big vote of confidence in the local economy & it’s workforce. The company already employs 800 people at its current base in Cannock, and will be able to expand and grow its workforce after the move to nearby Four Ashes.
In the latest figures released 14th September, Staffordshire is well below the national (1.7 per cent) and regional (2.3 per cent) figures, at 1% of the population with 5,080 claimants. The number includes those claiming Universal Credit and Job Seekers Allowance.
28% of businesses questioned in the first quarter Staffordshire Economic Survey published recently, had seen an increase in employee numbers in the previous three months, with the same number predicting an increase for the next 3 months. 27% had also had an increased investment in training. Well over half the businesses (65%) expected the next 12 months to see increased turnover, and almost the same amount (64) predicting increased profits.
Mark Winnington said: “The Gestamp announcement last week was a massive vote of confidence in Staffordshire and the wider region. It means 800 local jobs are being safeguarded and we would expect more to be created as the company expands at the new site, which has been made accessible by the county council and local enterprise partnership. Across Staffordshire we are seeing continued optimism by businesses and today’s claimant figure will only strengthen this. We will of course be closely monitoring the national economic picture and developments in the coming months. Meanwhile we are seeing other development sites progressing well which will lead to further job creation in the county. The new General Electric development at Redhill in Stafford and the company’s commitment to fund its second facility on site are a prime example.”
Figures below show the comparison for Stone compared the whole UK.
Click to enlarge
The Staffordshire Economic Survey is produced by the Staffordshire Chambers of Commerce.
