20/01/10 New Contracts Rising - South East business data
The number of new contracts won by private sector businesses in the South East of England rose last month at the fastest pace in over two years. The results from the latest survey, sponsored by the South East of England Development Agency (SEEDA), show the increase in new work has led to a growth in business activity in the region. The monthly South East PMI (Purchasing Managers’ Index)® survey is conducted among a representative panel of manufacturing and service sector companies in the region.
The latest evidence from the PMI survey shows that output and the volume of new business in the South East in December continued to grow, at levels last seen in the second half of 2007 (before the start of the current recession). Growth was led by manufacturing firms and the overall rate of growth in the region was marginally faster than the UK average.
Commenting on the South East PMI survey, Paul Lovejoy, Executive Director at SEEDA, said: "The South East economy continued along the path towards economic recovery during December, as private sector output continued to expand. A significant rise in new business in the region suggests that business confidence is improving and that demand across the economy is recovering.
"We have seen a general easing of the rise in unemployment levels in the South East in December. However, business conditions are still very challenging and looking further ahead, a real improvement in jobless numbers to anything resembling pre-recession levels will require growth to be sustained around the present rate for some considerable time."
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