Finally some good news for the local economy. A recently published government report, funded by the East of England Development Agency (EEDA), predicts that the recession will subside in Essex from 2011. It is also predicted that the total number of jobs in Essex is likely to be higher from 2011 onwards than it was prior to the recession. Possibly a combination of renewed housing construction, Stansted expansion and the Olympics Games will all help to fuel this growth. Also the traditional strong areas in research and development will start to thrive once again.
However, for the next year at least we are expecting to see further job loses in Essex, with more businesses cutting back or closing their doors for good.
A walk up any high street in Essex at the moment reveals many abandoned shops, with many long established names such as Woolworths and Burton gone.
Also most recruitment agencies have actually stopped taking new candidates onto their books as they are already struggling to place people for interviews with the limited job opportunities that are currently available.
We still need to hold tightly and wait out the storm. However, if you have not started planning on how you are going to monetise on the London Olympic Games in 2012, then you need to start thinking now!