Whilst the fallout from the recession continues to be felt, there are growing signs that things are improving slowly. Nationally, it would appear that the rise in unemployment has slowed with the headline figure just short of 2.5m. Although not a cause for rejoicing (particularly for those unemployed and their families) this is well below the predicted 3m level.
Locally here in Wolverhampton, the rise in the unemployment level has lessened. In terms of activity, the last few months have seen the opening of Sopranos in the city centre which has brought one of the prominent buildings in Wolverhampton back into use. Furthermore, it seems that the empty Woolworths unit is to be converted into small retail units by Plaza Mall, as announced recently in the Express and Star.
On the commercial property side, interesting news that Peal House (68,000ft2 office accommodation) is under contract to be purchased by one of Steve Morgan’s property companies. Sitting close to Molineux, it will be fascinating to see what is planned for Peal House. At the very least it shows great confidence in the future well–being of the city.
Finally, we are told that the application for the construction of the new Magistrates Court building is to be submitted by end of January. Although the actual development is likely to be on hold for a while until the position on public sector funding is clearer, this again represents real progress.
All in all not a bad start to the year.