Partner Article

Tees Valley economy 'mixed'

A survey of firms in Tees Valley has shown that small and medium-sized businesses in the area are posting a mixed bag of results during the recession.

The monthly survey, undertaken by Hartlepool-based accountants Horwath Clark Whitehill, aims to establish patterns of business activity for SMEs throughout the Tees Valley area.

The most recent figures show that turnover has fallen by more than 37% since March last year. However, employment has actually grown by 0.57% and business confidence is exactly the same as a year ago.

Heather O’Driscoll, partner at Horwath Clark Whitehill, said: “While the figures in terms of turnover paint a gloomy picture, they are heavily influenced by businesses in the manufacturing sector and those involved in the housing market.

“Many of the companies surveyed are actually doing well, particularly those in the service sector and retail. Perhaps the most surprising feature of the survey is the increase in employment among those surveyed. Despite all the recent media reports on job losses among some of the larger, more high profile businesses, it appears that many small and medium-sized enterprises are holding their own and weathering the storm.

“It will be very interesting to monitor the figures over the next few months to see if the economy takes an upward or downward trend.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .