Manufacturers see growth boost but skill shortages flashing red

17 June, 2024

The scramble to attract and retain talent also shows no signs of abating, with recruitment intentions increasing from +8% to +26% as companies take on staff to meet the expected increase in demand and better economic outlook. Business confidence has also risen to equal the highest level recorded since the survey started measuring the indicator in 2014. The only previous occasion it reached the current level was during the immediate post covid rebound. Investment intentions moderated however from +15% to +11%.

The survey also asked companies to list their top three priorities for the next Government. More than two thirds of manufacturers (69.1%) said delivering an industrial strategy was the top priority, more than half (54.2%) said strengthening EU/UK relations, while almost half (44%) said reducing the business tax burden. This was followed by investment in national infrastructure (31.5%) and reforming the Apprentice Levy (24.1%).

Make UK is forecasting that manufacturing will grow by 1.2% in 2024 with GDP growing by 0.9%.

The survey of 320 companies was carried out between 15 and 29 May.

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