The March edition of the Norwich Economic Barometer has now been published. It highlighted that Office of National Statistics (ONS) showed that over 2014 industrial productions and manufacturing rose by 1.3% and 1.9% respectively. This was helped by the oil and gas production in the North Sea, which showed a rise of 2.4% in January 2015.
The Pound climbed against the Euro by 2.7% and 6.1% against the US Dollar – this has weakened overseas sales for some companies. UK consumer confidence in their spending power had grown to its highest point in the last four years, as the living costs continue to fall and the mood around employment is more upbeat.
Locally, Norwich Castle have secured £1m of government funding to redesign the Keep. It is hoped this will attract an extra 100,000 visitors per year once completed. The Norfolk Car Club will add a further 6 locations across the city in the next 2 months; and the Government also approved the £2bn East Anglia ONE Offshore Wind Farm, which is expected to create up to 3,000 new jobs. The contract winners, Scottish Power plan to start construction in 2017 and are holding a Supply Chain Presentation at Norfolk Chamber’s offices on Wednesday 25 March 2015. On Wednesday 01 April, a grant scheme of up to £3,000 will be available to businesses in Norwich to boost their broadband connection.
To find out more about the grant and to read the full economic report click here.
