Charities should look to build relationships with companies working in financial services, manufacturing and construction as those three sectors are likely to enjoy the quickest recovery as the economy begins to strengthen, according to a top economist.

John Hawksworth, head of macro-economics at PricewaterhouseCoopers, said that the “cyclically sensitive” areas of financial services, and some parts of the construction and manufacturing industries are likely to be the have the highest bounce back from the downturn.

He told the Institute of Fundraising’s Ready for the Recovery conference last Thursday that if there is “positive progress” in the economy, “corporate incomes will come back before private incomes come back” – suggesting that charities would be best served by focussing their fundraising efforts on companies rather than individuals.

Foreshadowing a survey of charity attitudes the company plans to release on February 19, Ian Oakley-Smith, head of charities at PwC, said the level of anxiety over income streams among charities has declined since mid-last year. But while general anxiety has dropped, anxiousness over the future of statutory income levels has increased.