The Scottish Chambers of Commerce Quarterly Business Survey, revealed that companies reported an increase in contracts, investment and work in the final months of 2014. It is hoped this growth will continue into 2015, with the report saying that investment levels are high across all sectors.
The survey, carried out in collaboration with the University of Strathclyde's Fraser of Allander Institute, involved almost 500 companies across five of Scotland's key sectors. They are Construction, Financial & Business Services, Manufacturing, Retail, and Wholesale and Tourism. Within the construction sector, the number of firms that had experienced an increase in work in progress, reached its highest level since 2007. The amount of public sector contracts also increased, while investment levels reached a 10-year high.
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Elsewhere, business confidence also rose, and 40% had increased wages over the three-month period.
For the manufacturing sector, there was evidence of a slowdown in orders, but it was still a successful quarter, with employment and investment levels found to remain strong.
Liz Cameron, Director and Chief Executive of Scottish Chambers of Commerce, said: "Strong performance from 2014 has helped Scottish businesses get off to a great start in 2015.
"With investment levels high across all sectors, there is much to look forward to as businesses seek to continue this impressive growth.
"Scotland's year in the spotlight added a spring to our step but strong performances have not been limited to the tourism industry.
"Construction, in particular, has experienced remarkable growth, with investment levels at a ten year high and out-performing other sectors in this quarter.
"With positive balances in contract orders and investment, many construction firms are increasing wages, with average wage increases higher than inflation, at 5.5%."
(JP/CD)
