Norwich City Council have released their latest economic barometer. The report highlighted:
Nationally
- The Office of National Statistics advised that the GDP (gross domestic product) increased by 0.5% this quarter (July to September).
- The Consumer Price Index indicated that households have seen little change in the prices they pay for goods and services.
- UK retail sales volumes fell in October after a drop in trading at food stores. This was the largest drop since May 2014.
- Mortgage lending increased to £21bn in October – up nearly 20% from a year ago. The total was the highest seen since 2008.
East of England
- East of England has the third highest concentration of employees in the UK for firms in the technology sector. Many of these firms have plans to strongly increase employment over the next 12 months.
- Construction workloads in the East increased with private housing and the commercial sector expanding at the fastest rate. 46% of firms in East Anglian reports an increase in their workloads, according to the RICS.
- The number of new businesses starting up in the East of England rose by 7% to 243,000.
Norwich
- Services group Norse has driven nearly £130m into the Norfolk economy.
- WiSpire, a Norfolk based internet provider has officially opened its new head office in Rackheath Industrial Estate, Norwich.
- Jarrolds saw pre-tax profits growth 40% to £3m.
For full details of the latest economic barometer click here.
