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.
Dynamic
- Indicator: VAT Registrations (Start-Ups)
- Latest Data: 750
- Date: 2021
- Current Trend: Stable
- Aspiration for 2027: 800 per annum
- Indicator: Job Density
- Latest Data: 0.98
- Date: 2021
- Current Trend: Stable
- Aspiration for 2027: 1
Resilient
- Indicator: VAT De-registrations
- Latest Data: 775
- Date: 2021
- Current Trend: Negative (increasing de-registrations)
- Aspiration for 2027: 650 per annum
- Indicator: 3-Year Business Survival Rates (%)
- Latest Data: 62.5%
- Date: 2021
- Current Trend: Slightly negative
- Aspiration for 2027: 65%
- Indicator: Median Gross Weekly Full-Time Earnings (Residence)
- Latest Data: £703.60
- Date: 2022
- Current Trend: Positive
- Aspiration for 2027: £750
- Indicator: Median Gross Weekly Full-Time Earnings (Workplace)
- Latest Data: £608.80
- Date: 2022
- Current Trend: Positive
- Aspiration for 2027: £650
Inclusive
- Indicator: Unemployment Rate (%)
- Latest Data: 2.2%
- Date: Aug 2023
- Current Trend: Stable
- Aspiration for 2027: Less than 2%
- Indicator: 16–24-Year-Olds Claiming Out-of-Work Benefits (%)
- Latest Data: 3.9%
- Date: Aug 2023
- Current Trend: Negative
- Aspiration for 2027: Less than 3%
- Indicator: NVQ Level 3+ (%)
- Latest Data: 48.3%
- Date: 2021
- Current Trend: Negative
- Aspiration for 2027: 60%
- Indicator: Happiness Score (out of 10)
- Latest Data: 7.6
- Date: 2022
- Current Trend: Stable
- Aspiration for 2027: 8 out of 10
Sustainable
- Indicator: Greenhouse Gas Emissions – Industry & Commercial (tCO₂e)
- Latest Data: 188
- Date: 2020
- Current Trend: Negative (not reducing sufficiently)
- Aspiration for 2027: 150
- Indicator: % of T&M Emissions – Industry & Commercial
- Latest Data: 25%
- Date: 2020
- Current Trend: Negative
- Aspiration for 2027: 20%
- Indicator: Number of Renewable Electricity Installations
- Latest Data: 1,848
- Date: 2021
- Current Trend: Positive
- Aspiration for 2027: 2,750
- Indicator: % of Dwellings with EPC Band C or Above
- Latest Data: 48.95%
- Date: 2022
- Current Trend: Positive
- Aspiration for 2027: 55%
- Indicator: Employment in Energy Intensive Sectors (%)
- Latest Data: 36%
- Date: 2022
- Current Trend: Negative (higher than target)
- Aspiration for 2027: 30%