West Midlands growth slower than national average
The West Midlands economy continues to grow at a slower pace than the national average. Business activity increased in July, marking the tenth consecutive month of expansion, although the Business Activity Index fell slightly. Demand for goods and services remained steady, with new business intakes rising for the eighteenth consecutive month.
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00:00The West Midlands economy continues to grow at a slower pace than the national average.
00:08Business activity increased in July, marking the 10th consecutive month of expansion, although
00:14the business activity index fell slightly. Demand for goods and services remained steady
00:18with new business intakes rising for the 18th consecutive month. Despite these gains, the
00:24rate of growth in output and new orders was below the national level. Inflationary pressures
00:30eased, with the lowest rate of charge inflation seen since February 2021, though businesses
00:36still faced rising costs. Employment stabilised in July, in contrast to job growth in other
00:42regions. The West Midlands ranked low in input cost inflation compared to other UK areas,
00:48but business confidence is on the rise, driven by investment and tourism, and the prospect
00:54of lower interest rates.