Insider Media Limited

Coventry and Warwickshire businesses have a “mixed outlook” about the prospects of the New Year. That’s according to a major economic survey for the region, which suggested that manufacturing is the most positive sector in the region.

The Coventry and Warwickshire Chamber of Commerce conducted its quarterly economic survey for the final quarter of 2010 with more than 180 companies in the region.

The manufacturing sector is more confident than the service sector going into the New Year, the results implied. However, the overall mood is “slightly better” than 12 months ago, said the Chamber.

In the manufacturing sector, 58 per cent of those companies polled think turnover will improve in the next year – compared with 38 per cent who thought that would be the case a year ago.

In the service sector, only 45 per cent of businesses believe turnover will rise compared with 48 per cent 12 months ago.

Alan Durham, director of policy at the Coventry and Warwickshire Chamber, said the figures “backed up the general mood among businesses”.

He said: “The recession took its toll on manufacturers and it has taken a couple of years for them to get any semblance of confidence back. These figures suggest that there is optimism but nobody is getting carried away.

“The service sector is less optimistic going into 2011 than manufacturing which is probably due to some of the fear surrounding the government cuts and how they will fully impact business.”

Thirty-six per cent of manufacturers say they have increased their labour force in the past three months and 22 per cent said they would be adding staff in the next three months.