New review paints rosy picture of Black Country economy
EMPLOYMENT in the Black Country is at a three-year high – with the manufacturing sector faring even better, new figures have shown.
Data released as part of the Black Country Economic Review 2015 shows there are 439,200 people employed in the area, with jobs in the manufacturing sector standing at 68,600 – a five year high.
There are also 32,085 active companies in the area, more than any time in the last 10 years.
The Black Country LEP area is ranked first on the proportion of surviving start-ups that reach £1m turnover (2009-12). London was ranked second on this measure with 5.2%. The Black Country’s performance was 1.6 percentage points above the LEP average.
The figures also confirm that for the first time the Black Country’s total Gross Value Added (GVA) is £20bn with the area’s Local Enterprise Partnership seeing a 4.5% increase in GVA 2012 – 2013, the second highest of all 39 LEPS.
Presenting the findings of the review, Black Country Consortium CEO Sarah Middleton said: “The review, produced annually by the Black Country Consortium’s Economic Intelligence Unit, highlights a number of positive trends across key strategic indicators and enables evidenced based decision-making for the Black Country LEP and public sector partners.”
In terms of raising employability, education and skills, the data shows 150,000 Black Country residents are being educated to NVQ L4+ and there is a marked reduction in the percentage of people with no qualifications over 10 years to 2014 (-11.9%).
Black Country schools have also been shown to have a higher proportion of students who achieve A* and A grades in STEM subjects than both the national and regional average.
The past 12 months has also seen a 62-hectare increase in high quality employment land – 40 ha of which have been due to the i54 business park – home to Jaguar Land Rover’s £500m engine manufacturing plant and part of the Black Country Enterprise Zone. The zone is the leading site nationally for job creation, with more than 2,000 jobs projected by the end of 2015.
Cllr Roger Lawrence, leader of Wolverhampton City Council and chairman of the Black Country Consortium said: “The annual Black Country Economic Review clearly indicates that we are making progress in key areas including employability, competitiveness and infrastructure, building on our unique competitive assets to ensure that more of the products made in the Black Country are sold around the world.”
Stewart Towe, chair of the Black Country LEP said: “This review demonstrates that we are serious about applying economic intelligence to ensure the LEP tackles barriers to business growth. Our 12th annual review demonstrates that the Black Country is evidencing success across many key areas and in some instances delivering over and above national averages, particularly across manufacturing sectors.”
