The latest Manufacturing Advisory Service (MAS) barometer said they had increased their productivity in the past six months as manufacturing companies in the region continue to adapt to a relaxing marketplace, say more than half (52%) of respondents.
Almost three-quarters (74%) of manufacturers felt that further efficiency gains were needed to remain competitive. More than 60% of companies expect to increase investment in new technology, machinery or premises by Spring 2015.
Simon Howes, MAS area director for the South West, said: “Our barometer shows that South West manufacturers are already raising productivity, which is good for the region and country as a whole. It should also please the Bank of England, who recently called for the UK to improve its performance in this area.”
Business minister Matthew Hancock continued: “Britain’s small manufacturers are driving our economic recovery, boosting our national productivity and helping create a record number of jobs.”
More than half (51%) of manufacturers recorded an increase in sales, with 56% expecting to increase their turnover between now and the end of March 2015.
Additionally, 94% of companies questioned planned to either maintain or increase their workforce over the six months.