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Manufacturing report highlights optimism and positive outlook
The Manufacturing & Engineering Report produced annually by MHA has highlighted that many in the sector are overall optimistic and hold a positive outlook as we approach 2017 and the ever mentioned Brexit.
The report is a national snapshot of manufacturing trends and is compiled through MHA’s 8 member firms that cover England, Scotland and Wales which also means specific regional insight has been gained from over 560 of MHA’s clients and contacts that completed the survey.
Respondents were mainly SMEs from a broad range of sectors within manufacturing and engineering.
Key Findings from this year’s report are:
• Export growth – 65% of respondents export, up 3% on last year
• IoT and Industry 4.0 still a key development point for 2017 with 74% of respondents indicating they do not fully understand the underlying principles of smart technology in manufacturing and how to embrace it
• Innovation is high on the agenda with 88% saying they invest a percentage of turnover in R&D, an increase of 9% from last year
• Nearly 70% are confident they will see business growth in the next 12 months
• Tackling skills shortages was at the top of the agenda for half of the respondents – with most businesses wanting the government to expand skills training in Secondary, Higher and Further education
• 68% believe their main competitors are in the UK and the remaining 32% main competitors are within their local area
• Nearly half intend to increase staff numbers in 2017 which is a healthy 8% increase from last year
• 57% intend to take on trainees or apprentices
• Of those intending to increase their workforce, 59% need to recruit production staff.
• 41% indicated challenges in recruiting skilled technicians and machinists
• 99% feel a burden of red tape on their business and 46% feel it’s increasing
You can access the full report, for free, by following this link: MHA Manufacturing Report