Data has shown that the rate of production from the UK manufacturing sector has reached its highest level since 1995. At the moment UK manufacturers have grown at their fastest rate in over 20 years. This increase in pace has taken place in the three months of 20017 leading up to July.
The information suggesting this increased pace in manufacture has come from a long term survey that has been carried out by the Confederation of British Industry. The survey has shown that 43% of 400 manufacturing firms that were involved in the survey have noticed that their output has increased over the course other last three months. Only 12% of those involved in the research said that their production rates have dropped. In the current political and economically uncertain times, the increase in the rate of production is great news for the manufacturing industry, especially because of the industry contributes 10% of all economic output from the UK.
The output growth for the UK manufacturing industry is at its highest levels since the mid 90s. A reason for this could be the weak value of the pound. This weak pound may sound negative, but it makes the UK manufacturing industry appealing to other countries who want to make the most of the cheaper goods that are currently on offer from the UK.
The levels of growth in the manufacturing industry are expected to continue in the coming months and due to the success of the industry at the moment, the employment level in the industry have also increased. It is thought that the hiring levels in UK manufacturing are at the highest they’ve been for the last three years. This is promising news, as it suggests companies are looking to expand, which could lead to further increases in production.