Creative industries leading economic fight, says survey
Companies specialising in media and marketing are leading the fightback from the economic downturn in Birmingham and Solihull. According to the results of the Birmingham Chamber of Commerce’s quarterly economic survey, the service sector is out-performing manufacturing, the traditional stronghold of the region.
As well as media and marketing, the service sector includes retail and wholesaling, tourism, the hotel and catering trades, lawyers, accountants and cultural and creative specialists.
The chamber’s final quarterly economic survey for 2010 records the highest sales and fullest orders books for over a year in the service sector.
However, the survey reveals a “struggling” manufacturing sector, with sales and orders largely down in the UK and export markets.
Christine Braddock, president of Birmingham Chamber of Commerce, said: “This survey marks a sea-change in the economic performance of Birmingham and Solihull.
“For years the area has relied on a strong manufacturing sector but the survey confirms that there is a marked change in our economic base.”
Half of the companies responding to the survey were from the marketing and media sector, with 12 per cent from retailing and wholesale and 10 per cent from tourism, hotels and catering and a further 10 per cent from cultural and creative.
According to the survey, figures for jobs in manufacturing were the lowest for over a year with most firms recording static or smaller workforces.
Plans to invest in training and equipment were at their lowest for more than a year, as was confidence that turnover and profitability would improve.
