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Welcome to the Quarterly Economic Report for Q3 of 2021

I am delighted to see growth in our region’s domestic sales as we push forward with our Covid-19 recovery. This is testament to the true Yorkshire spirit that is embodied by our region’s business community.

While growth figures are looking promising, ongoing supply chain issues and struggles to trade overseas are still being faced by many here in Yorkshire and across the UK.

Firms are still being impacted by the fall-out from Brexit, compounded by the more recent issues experienced by operators that rely on HGV transport.

A large portion of these issues are stemming from recruitment challenges, however, with investment intentions at pre-pandemic levels, and job vacancies at their highest recorded levels, I am confident that in the months to come we can minimise the fall-out and return to a thriving, prosperous workforce across the Halifax, Huddersfield and Wakefield regions.

As ever, we value your thoughts and encourage you to contact our team with any queries or feedback. Email membership@mycci.co.uk.

Martin Hathaway

Managing Director

Mid Yorkshire Chamber of Commerce

Executive Summary - Q3 2021

DOMESTIC SALES - Service sector sales growth remains strong across all sub-sectors. ICT, hospitality and retail all outperforming the regional average. Elsewhere the pace of growth in manufacturing sales slowed with supply side challenges largely to be blame as order fulfilments are delayed. Construction sector sales continues to remain strong across our region although supply challenges also exist.

EXPORT SALES - International sales remain subdued across the region with around half of manufacturers still facing challenges exporting in to the EU. Issues around the cost and availability of logistics and transportation, UK border delays and the impact of new trade procedures are the most commonly cited barriers.

EMPLOYMENT - Employment is strong across the region, in line with national data showing job vacancies at their highest recorded level. The number of manufacturers looking to recruit in the next quarter is at its highest level in this survey’s 32 year history.

INVESTMENT - Net balance figures have now returned back to pre-pandemic levels.

BUSINESS CONFIDENCE - The standout factor this quarter is rising input costs and inflationary pressures. Many manufacturing and construction firms have attempted to pass these on but this is not always possible. Furthermore delays in supply chains are holding up order fulfilment and in turn causing cash flow challenges.

Read the latest QES Q3 report online

Get a seat at the table!

What?

The Quarterly Economic Survey is a regular snapshot of key information, such as local business activity, confidence and issues, which policy makers and government ministers use to inform their decisions and thinking. We incorporate statistics, based on data contributed by members, on sales, orders, export, employment and the impact of economic factors such as inflation and exchange rates to provide ministers with an accurate and up to date analysis of business in the Mid Yorkshire region.

Why?

If you want to see change and influence policy on the business issues that are important to your business then you need to ensure that you are feeding the information into the system. Participating in the QES is an effective strategy to have your voice heard by those who can do something about the business issues you care about.

How?

Every quarter, we encourage Chamber members to participate in the online survey. All responses are anonymous so you can speak freely (if you wish to speak openly and directly to policy makers you should consider attending our Area Council Meetings). We analyse this data to create the QES report which is then sent to key government departments and financial institutions such as The Treasury and The Bank of England. The QES Report is also a very useful resource to inform your own business. To have your say please compete the survey here.

Why Mid Yorkshire Chamber?

The Mid Yorkshire Chamber and British Chambers of Commerce not only have the ears of policy makers but actively lobby government and demand a response. We regularly speak out through the media, both locally and nationally, on these issues because we are the voice of the British business community.

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