With devasting news that the UK has gone into recession, and is the worst to date, it is no surprise that the manufacturing sector has also taken a hit.
However, in a recent survey, predictions show that Yorkshire is set to see 9.9 per cent growth in 2021, with the West Midlands likely to rise by 11.3 per cent due to the numerous manufacturing firms in the regions.
To date, manufacturing has declined by 14.2% since February 2020 but has been growing by 11.0% since May. Although the levels were lower than in February, the ease of restrictions in June brought about an increased level of demand and therefore allowed the manufacturing sector to trade at some level of normality.
April and May were the worst hit for manufacturers as the statics show to be significantly lower than in February.
In a survey analysed by Instant Offices, commercial property specialists, the report shows that the West Midlands GVA is set to see growth by 11.3% in 2021, with the East Midlands not far behind with 10.0%. This is due to the Midlands tremendous automotive sector.
The GVA in Yorkshire is expected to increase by 9.9% in 2021 now that the majority of manufacturers are back to work.
John Williams, head of marketing at The Instant Group, recently said in a report from The Yorkshire Post:
“Economic losses during the Covid-19 lockdown are largely due to Yorkshire’s large manufacturing sector, which contributes to 14.3 per cent of the local economy. The impact has been seen in every level of the supply chain.”
John continued:
“Predictions show the scale of recovery could mirror the scale of contraction in each region due to sectoral make-up. Therefore, with Yorkshire’s manufacturing sector being hard hit, this area could drive growth as demand starts to return next year.”
You can read the full report from Instant Offices by clicking the link below
https://www.instantoffices.com/blog/instant-offices-news/industry-bounce-back-post-covid-19/