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Signs of economic improvement in Norwich

Written by Paul Vincent on .

Norwich City Council have released their latest economic barometer for the region. Some of the highlights are:

  • New data suggests that the UK’s services sector, which accounts for around three-quarters of the economy, grew at its fastest rate since March 2012.
  • Norfolk’s hard-hit construction industry may be over the worst of the downturn according to recent figures.
  • Start-up businesses across Norfolk and Suffolk could have access to millions of pounds of funds to get them off the ground with the launch of a new initiative.
  • Norfolk and Suffolk are to get greater decision making power from government over transport schemes. The two counties will receive £39 million for the four years from April 2015, to be spent on transport schemes costing more than £5 million.
  • Norwich-based engineering firm, Tyco Fire & Integrated Solutions, is celebrating a landmark £5 million deal with a Chinese energy company which is equal to a third of its turnover.
  • Average house prices in Norfolk grew by 1.1%, making the average house price £144,227 in Norfolk.

Full details of all the above can be found in the attached Norwich Economic Barometer.