In what is sure to be welcome news for manufacturers and workers across the United Kingdom, the British Chamber of Commerce has recently announced that their forecast of a 4.3% increased in economic growth for 2014 is likely to be followed by similar numbers in 2015 and 2016, all of which will translate to production increases in the construction industry.
It's no secret that both England and the European Union at large have suffered greatly during the recent financial crisis. For those employed in manufacturing-related professions, the global economic recession has proven to be particularly painful, with contracts for construction disappearing and the number of available contract jobs disappearing rapidly.
Recently, however, the news has become somewhat brighter for this particular industry. Significant growth has occurred throughout England this past year, and many economists are projecting that this is simply the beginning of a much larger trend in the area. The UK's gross Domestic Product, for example, is now predicted to move ahead by 3.2% in 2014, an increase of .1% over earlier projections. GDP projections have also been revised for the 2015 fiscal year, with current estimates pointing to a 2.8% expansion, .1% greater than earlier estimates.
Many are pointing to these economic trends as a sign of England's increasing prominence within the global economy. According to BCC chairman John Longworth, "We are leading, rather than following, other major economies when it comes to short-term growth."
All of this news, of course, also translates into further optimism related to the national unemployment rate. If all goes as planned, the UK national unemployment rate could be near 5.5% at this time next year, further reducing to 5% two years from now.
Interest rates will play a determining role when charting a course for England's future economic growth. Longworth, along with many others, believe that these rates must be handled very carefully if the UK economy is to maintain its current upward trajectory. The general consensus is that interest rates should slowly growth, without making any significant leaps or hikes in the short-term future. As has been seen in recent history, however, there may yet be unexpected surprises awaiting the UK economy at large.
In what is sure to be
welcome news for manufacturers and workers across the United Kingdom, the
British Chamber of Commerce has recently announced that their forecast of a
4.3% increased in economic growth for 2014 is likely to be followed by similar
numbers in 2015 and 2016, all of which will translate to production increases
in the construction industry.
It's no secret that both England
and the European Union at large have suffered greatly during the recent
financial crisis. For those employed in manufacturing-related professions, the
global economic recession has proven to be particularly painful, with contracts
for construction disappearing and the number of available contract jobs
disappearing rapidly.
Recently, however, the news
has become somewhat brighter for this particular industry. Significant growth
has occurred throughout England this past year, and many economists are
projecting that this is simply the beginning of a much larger trend in the
area. The UK's gross Domestic Product, for example, is now
predicted to move ahead by 3.2% in 2014, an increase of .1% over earlier
projections. GDP projections have also been revised for the 2015 fiscal year,
with current estimates pointing to a 2.8% expansion, .1% greater than earlier
estimates.
Many are pointing to these
economic trends as a sign of England's increasing prominence
within the global economy. According to BCC chairman John Longworth, "We are leading, rather
than following, other major economies when it comes to short-term growth."
All of this news, of
course, also translates into further optimism related to the national
unemployment rate. If all goes as
planned, the UK national unemployment rate could be near 5.5% at this time next
year, further reducing to 5% two years from now.
Interest rates will play a
determining role when charting a course for England's
future economic growth. Longworth, along with many others, believe that these
rates must be handled very carefully if the UK economy is to maintain its
current upward trajectory. The general
consensus is that interest rates should slowly growth, without making any
significant leaps or hikes in the short-term future. As has been seen in recent
history, however, there may yet be unexpected surprises awaiting the UK economy
at large.