Norwich City Council have released their latest economic barometer. The report highlighted:
Locally
- Business activity picked up sharply in May, helped by an increase in new orders and demand. However this has subsequently slowed due to political and economic uncertainty
- Unite is warning that the Constructionarium Project, which gives undergraduates construction experience, is at risk of closure as a result of the Construction Industry Training Board’s plans to close its HQ at Bircham Newton
- More than 200 homes could be built in Norwich City centre on part of the former Jarrold printworks site. Plans also include a 60 bedroom hotel and offices.
Nationally
- Mild improvements in both the UK manufacturing sector and the construction sector according to PMI data
- UK wage growth fell short of expectations – slipping to 2.8% from 2.9%, raising further doubts about whether the Bank of England will raise interest rates in the summer
- Tight labour market conditions have placed upward pressure on staff wages and are causing recruitment difficulties.
For full details of the latest economic barometer click here.
