Economic dashboard
This economic dashboard provides a very high-level illustration of the performance of the local economy. Whilst there is some delay in the data, it does display that many aspects of the economy have plateaued, with ‘business failures’, youth unemployment and skills attainment on a negative trajectory.
The aspiration for 2027 is set out in the end column. Obviously, this can be impacted by a number of factors that are outside the control of this authority, however through the initiatives set out in the action plan the strategy does have the potential to help move all of these indicators in a positive direction.
Along with the action plan, updates on this dashboard will be provided on an annual basis, with comparison data also being provided in order to benchmark the performance of the local economy.
| Theme | Economic Indicator | Latest Data | Date | Current Trend | Aspiration for 2027 |
|---|---|---|---|---|---|
| Dynamic | VAT Registrations (Start-Ups) | 750 | 2021 | Stable | 800 per annum |
| Dynamic | Job Density | 0.98 | 2021 | Positive | 1 |
| Resilient | VAT De-registrations | 775 | 2021 | Negative | 650 per annum |
| Resilient | 3 Year Business Survival Rates (%) | 62.5 | 2021 | Stable | 65% |
| Resilient | Median Gross Weekly Full‑time Earnings (£) by Residence | £703.60 | 2022 | Stable | £750 |
| Resilient | Median Gross Weekly Full‑time Earnings (£) by Workplace | £608.80 | 2022 | Stable | £650 |
| Inclusive | Unemployment Rate (%) | 2.2% | Aug 2023 | Stable | Less than 2% |
| Inclusive | 16–24‑year‑olds claiming out of work benefits (%) | 3.9% | Aug 2023 | Negative | Less than 3% |
| Inclusive | National Vocational Qualification Level 3+ (%) | 48.3% | 2021 | Negative | 60% |
| Inclusive | Happiness Score (out of 10) | 7.6 | 2022 | Stable | 8 out of 10 |
| Sustainable | Greenhouse Gas emissions from industry and commercial sectors in T&M (tCO2e) | 188 | 2020 | Positive | 150 |
| Sustainable | Percentage of T&M Greenhouse Gas emissions from industry and commercial sectors (%) | 25 | 2020 | Positive | 20% |
| Sustainable | No. of renewable electricity installations | 1,848 | 2021 | Positive | 2,750 |
| Sustainable | % of all dwellings with EPC band C and above (%) | 48.95 | 2022 | Positive | 55% |
| Sustainable | Proportion of employment in energy intensive sectors (%) | 36 | 2022 | Stable | 30% |