Gavin Williamson, MP for South Staffordshire, has welcomed new figures that demonstrate a recent boom in economic prosperity in his constituency.
Turnover from small businesses in South Staffordshire increased by seven percent over the past year and is currently two percent above the national average, according to First Quarter 2014 edition of the Barclays Local Insights report.
As stated in the same report, personal savings increased by 12 percent over the same period, three percent higher than the national average.
South Staffordshire also had a higher than average success rate for new businesses, with over 61 percent of all start-ups continuing to trade after three years. This was compared to a national average of 56 percent.
Retail continues to be the largest industry in South Staffordshire, making up 25 percent of total turnover. This is followed by Construction & Real Estate, at 18 percent, and manufacturing, at 16 percent.
Turnover for each of these three sectors increased by eight percent, in South Staffordshire, over the past 12 months.
Gavin said: “These figures show the local economy in South Staffordshire is growing at a very promising rate, but we cannot afford to get complacent. We need to continue to support these businesses and do everything we can to help them thrive, going forward.”
“Small businesses play an incredibly important role in our communities, supplying local jobs and investing money back into the area. It is for this reason that, in South Staffordshire, we have been focussed on producing an environment that enables start-ups to thrive. With around 31 percent of small businesses in South Staffordshire being set up within the past three years and a success rate five percent higher than the national average, we have a huge amount to be proud of.”
According to the Barclays economic report, the UK’s economic performance is now among the strongest of the major economies and the severe squeeze on household budgets is beginning to unwind as inflation abates and pay awards start to recover.
A rebound in customer confidence is underpinning the willingness to spend and smaller firms are benefiting from unusually strong turnover growth. This allows them to build further on an already substantial cushion of liquidity and leaves them well placed to invest more in the business as trading conditions continue to improve.