Member Article

Growth in new business volumes across North East business

New orders among North East businesses rose in March, albeit at the slowest pace in nine months, according to a business activity indicator study from Lloyds.

During the month service providers in the region saw a stronger growth in new business than manufacturers, and also provided the focal point for employment growth.

North East private sector firms grew their workforces for the ninth successive month in March, although payrolls expanded a a slower rate than across the UK private sector economy as a whole.

Craig McNaughton, area director SME Banking in the North East and Cumbria, Lloyds Bank Commercial Banking, said: “The private sector economy across the North East ended the first quarter of the year on a steady growth footing, with both activity and new orders rising strongly.

“However, new business expanded at the weakest pace since last June along with job creation, suggesting that activity growth may weaken in the months ahead. Nonetheless, businesses and consumers will be glad to see that inflationary pressures continued to ease across the region.”

This was posted in Bdaily's Members' News section by Tom Keighley .