COVENTRY and Warwickshire’s economy has taken a tumble, according to a new survey of companies in the region.
Coventry and Warwickshire Chamber of Commerce’s latest Quarterly Economic Survey showed a decrease in positivity compared to the previous quarter.
The responses of businesses across the services and manufacturing sector are analysed and given a score out of 100, with anything above 50 being positive.
In both services and manufacturing the overall outlook dropped to 50.6 compared to 55.3 in the previous quarter.
Domestic sales have dropped into the negative category, while investment and cash flow have dropped to 45.2 in the service sector and 39.0 in manufacturing.
However, there was an increase in export sales.
On the employment side, the service sector was down from 56.4 to 51.6 and in manufacturing it dropped from 65.9 to 54.4.
Of those companies looking to recruit, 84 per cent of businesses in the service sector said they had experienced difficulties along with 80 per cent of manufacturers.
And confidence among businesses sits at 58.0 in the service sector and 60.3 in manufacturing.
Coventry and Warwickshire Chamber of Commerce chief executive Corin Crane said: “Across the region, businesses are working really hard to grow and make a difference in their communities – and they continue to show incredible resilience in the face of some of the most difficult challenges our economy has faced in decades and, as a Chamber, we must connect to businesses in as many ways possible.
“What we can see right now is that the regional economy is finely balanced – still in positive territory, but only just. We know there are strong ambitions to grow but, with interest rates rising, inflation stubbornly high and a recruitment crunch, it is tough.
“We’d urge businesses in need of support to get in touch with the team at the Chamber to help them to grow and continue the amazing work they are doing.”
