Through the first quarter of 2024, UK manufacturing turned a small but significant corner, with a slight rise in production output across the UK. Manufacturers are now looking forward with optimism to the next quarter following the recent recession, with the Financial Times reporting on first review of growth since July 2022, based on positive domestic demand.
Investment in skills and technology plus government incentive schemes have all encouraged growth across a variety of manufacturing sectors throughout the UK. It is hoped that this will now create a turning point for the coming months ahead for 2024.
West Midlands manufacturing is also set to benefit, with funding now open through Innovate UK, for SME manufacturers within transport and automotive sectors, plus associated supply chains who are looking towards introducing clean energy.
Furthermore, digital technology is also playing a central part in manufacturing advances. This was highlighted in the recent Digital Technology: The Future of AME Supply Chains event in Wolverhampton, where guest speakers and business owners gathered together to discuss the opportunities. They covered augmented simulation, digital Ai and analytics data, with a view to improve production, reduce cost and downtime, through data insights which can predict machine failures.
Finally, JRW Risk Solutions are here to support manufacturing businesses operating across the West Midlands and UK. We offer invaluable insurance cover to protect output, stock, risk management, equipment, goods in transit, employers’ liability, public and products liability, equipment breakdown insurance, plus many other options. To find out how we can protect your growing West Midlands manufacturing business, please get in touch.