The North East Economy: A great place to invest. Overview of North East LEP Area.

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Presentation transcript:

The North East Economy: A great place to invest

Overview of North East LEP Area

Fastest growing productivity… …and median wages are very competitive Labour productivity (GVA per hour worked) growing at fastest rate in the country (FT only) …and lowest median wage in England

High growth in GVA per head… GVA per head growing among highest rates in the country… …while births and deaths of businesses (as % of registered businesses) are on a par with the national figures... … and survival rates are a healthy as the rest of the country

Source: Prepared with data from ONS, release 12 December 2013 …and longer run growth, which shows the North East is catching up with the rest of the country Index of current values of Gross Value Added (GVA). Base 2000=100

But the North East is also a great place to be an employee: For someone on median income, real wages (which account for cost of living) are among the highest in the country Median income of full time employees, expressed in North East prices, 2012

Ratio of 90 th to 10 th percentile of hourly pay (all employees); 2013 And the North East has some of the most equal distribution of wages in the country

Source: HMRC, figures released 6 march 2014 Foreign trade in goods: Only English region with consistent positive trade balance in goods every year Imports and exports, goods, 2013 However: North East is lowest exporter and importer of goods On a per capita basis, exports perform above national average.

Source: Prepared with data from ONS, release 12 December 2013 Gross Value Added per person, 2012 (current basic prices) Current £ However, levels are still a way off and challenges remain…

Source: Prepared with data from ONS Differences persist for both employment…

Source: Prepared with data from ONS …and unemployment

Number of businesses in the UK private sector per 10,000 adults, start of 2013 Taken from BIS (

Low R+D per capita, better on a per business basis….

Taken from the North East Independent Economic Review, except far right bar (prepared with data from BIS)

Demographic data provide important context Not enough young people % of total population who are employees is similar to the rest of the country excluding London Seemingly too many inactive amongst the working age population Key observations: Jan13-Dec13, Annual Population Survey (ONS)

But why inactive? …due to greater proportion of long-term sick Jan13-Dec13, Annual Population Survey (ONS)

But why long term sick? Is it the mines legacy? Age breakdown shows even the younger in the North East have a greater propensity to be long-term sick… so can’t be mines 2011 Census, ONS

Possible hint from ONS…

More recent data shows dramatic changes… benefits?

Qualification profile – North East LEP vs. England is it an age issue? Source: Prepared with data from ONS Data for 2013

Our young are achieving really great GCSEs: No one else in the country gets a greater % of students achieving 5 A*-C GCSEs. The North East has been topping this table since 2008…. Which, combined with our productivity and income advantages means a greater future for those in employment in the North East

Wages catching up… productivity gains? North East weekly gross pay as % of England (all workers)