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8:54 am, March 8, 2010
Region's economy outperforms UK, says survey

By Michael Fahy

The region's private sector economy is recorded sharper than average recovery levels in February, according to a new survey.

Figures from data analyst Markit's Business Activity Index showed that levels of output, new orders and employment grew at faster rates than the rest of the UK. The Index – which monitors activity in both the manufacturing and service sectors - said that increased demand allowed firms to push up their own prices, but added that higher raw materials prices and a weaker pound also drove up their own costs.

Markit, which compiles the figures, said that there was anecdotal evidence that firms benefited from projects restarting that had previously been delayed due to the bad weather. Many firms also reported higher levels of new business and reduced capacity to handle this as a result of recent cutbacks. As a result, employment levels rose for the second straight month.

Steven Broomhead, chief executive of research sponsor the North West Regional Development Agency, said that the data provided “further encouraging pointers for the Northwest economy”.

“The survey again shows that activity in the region has strengthened and the level of new orders has continued to rise, whilst employment expand for the second month in a row. These provide positive signs for the sustainability of recovery in the region.”

COMMENTS? mfahy@crain.com