Private Sector Shows Strong Growth In June

The latest figures from the most recent survey by the Ulster Bank seem to show that the private sector performed very well indeed last month (June 2024). In fact the order books grew at the fastest rate for over two years, with business activity showing strong momentum which will hopefully run through into the next few months.

Problems Filling Job Vacancies

This rise in business activity has not led to a great deal more jobs being created in Northern Ireland over this period, but this may not be for the want of trying. Many companies are still having problems filling the job vacancies that they have apparently, so there is obviously a skill shortage out there which needs to be remedied one way or another. The staff shortage issue can hold back growth due to businesses not being able to cope with rising demand and the manufacturing sector is finding it especially tough recruiting new workers by all accounts.

The survey by the Ulster Bank looks at all the 4 main sectors of our economy, which includes services, manufacturing, retail and construction. And the manufacturing sector fared particularly well in June with output and orders growing at the fastest rate for over 2 years. This is good to see ,as it is often the services sector which holds the economy up, but all sectors seem to be doing pretty good right now.

New Order Growth In NI The Strongest Of All The 12 UK Regions

Ulster Bank chief economist in Northern Ireland Richard Ramsey is quoted talking about their latest survey in an article on the BBC News website by Clodagh Rice. He said that:

“New order growth in Northern Ireland was the strongest of the 12 UK regions in June,”

He went on to say that:

“The latest figures have been compiled in the mouth of a general election. But the private sector, like households, eagerly awaits announcements from the next government,” he said.

“An emergency budget is expected, the only questions are when, and what will be in it?”

From all the words coming out from the new government at Westminster so far, they do seem to be intent on creating more growth in the economy, which in turn can be fed into health and public services and also increase the wealth of the nation. We shall see how successful they are in their endeavours over the next few months.