Latest news of economic gloom seems to be delivered on a daily basis, but national and even regional statistics can sometimes mask the local picture.

Bath Chamber of Commerce is a magnet for local intelligence and although the information is often anecdotal, it can help provide a valuable and realistic snapshot which reveals the true health of commerce in the City.

The picture doesn’t claim to be scientifically comprehensive but it does offer a useful barometer about the way business is operating in a fast fluctuating world. Ian Bell, from the General Management Team, hears from members on a regular basis and he also gathers available statistics to help gauge the local economic temperature.

“There’s no question that the economy is under pressure, but the message we are getting from a number of our members is that there is cause for some cautious confidence. For example, whilst savers are suffering, low interest rates mean mortgages are more affordable, petrol prices have fallen and the cost of some utilities are dropping, such as British Gas announcing a drop in their prices, which could indicate other providers will follow suit,” he said.

The property market is as good a guide as any to the health of the local economy and there are some interesting stirrings to report.

“It’s far too early to get over excited but there are real signs of life in the property market. There has been little action in the residential sector over the last few months, but we are hearing that January 2009 saw more enquiries than the equivalent month in the previous year and there have been a growing number of offers,” added Mr Bell.

Meanwhile there is great interest in commercial property, which is actually in short supply.

“Low interest rates are good news for people with mortgages but not so beneficial for savers so there’s an incentive for those with money in the bank to look for ways in which they can get the most from their cash and investing in commercial property appears to be a popular option. The issue in Bath is that fewer want to sell, which will inevitably drive the prices up,” he explained.

Another useful pointer comes from the local manufacturing sector and here too the news is nowhere near so bad as stories from elsewhere would indicate.

“We are hearing from companies in the engineering sector who are trading well. They are producing sought after products at the right price and are more than holding their own. That doesn’t mean they are looking to expand but they are selling well in the domestic market and further afield where they benefit from the low value of Sterling,” said Mr Bell.

The exchange rate has been anticipated to assist the UK tourist trade and there are signs that is turning out to be true. Bath Tourism Plus has reported an increase in its retail business during January compared to the same month last year and there has been a noticeable rise in bookings for self catering accommodation which implies that more people may choose to holiday at home in 2009.

Figures have also been produced on the performance of the major 2 – 5 star hotels in Bath for 2008 from STR Global Research. They show that whilst occupancy fell by 1.5% compared with 2007 it remained at a high rate of 79.4%, whilst the average room rate actually rose by 4.7% to £76.29p compared with £72.86p in the previous year.

Statistics for the retail sector were obviously skewed by the severe weather conditions but when the snows receded it looked as though there was a return to normal levels of business, slightly down on the same period last year.