Quarterly Economic Survey
The Quarterly Economic Survey is one of the longest running and widest scoping business surveys in the UK. It provides a useful picture of the state of business in the UK at a national, regional and local level.
Nationally, tens of thousands of businesses answer the survey, and this is the opportunity to be part of that.
We ask a mix of standing questions which give a perspective of how trade, labour, business confidence and other metrics have fluctuated. We also ask specific questions each quarter on hot topics that members are interested in, including AI, the impact of global conflicts and the Covid-19 pandemic.
From there, we present this data to local councils, combined authorities and it forms part of the picture that goes to national government with the wider British Chambers of Commerce.
On this page, you will find links to previous Quarterly Economic Surveys, to see the details of what businesses tell us.
Q3 2024 Executive Summary
Domestic sales
After a strong second quarter, progress on domestic sales stalled during quarter three. Service sector sales remained at the same level as Q2 while manufacturing sales in the UK went into reverse, down three points.
Export sales
Manufacturers and service sector firms witnessed contrasting fortunes when it came to export sales during Q3. Service sector sales saw their overseas market shoot up by 15 points, back to similar levels seen at the start of the year. Meanwhile, manufacturers saw an 11 per cent decline in sales abroad.
Employment
Again, the service and manufacturing sectors saw differing levels of success when it came to job creation during the last three months. Manufacturers posted a 12-point increase in hiring rates, while the service sector fell back by 12 points. Going forward, neither sector seems optimistic about job creation over the next three months.
Investment
Huge improvements have been posted in the appetite for capital investment in our region. Manufacturers reported an impressive 25-point increase in investment plans while service firms also rose by a respectable 14 points. Training investment, however, did not go as well with manufacturers, down 15 points.
Business confidence
After a shaky quarter two, optimism among our region’s businesses has soared, with significant increases in the level of firms expecting enhanced profitability in the next three months. Service sector firms posted an 11-point increase in expectations on higher profits while manufacturers also rose, this time by six points.
Business costs and concerns
The cost of pay settlements remains the top concern for businesses of all sectors, with energy costs still impacting manufacturers negatively. The three main external pressures remain taxes, interest rates and inflation, with falls in the latter two clearly not filtering through to business’s day-to-day reality.
