Worcestershire Local Enterprise Partnership has announced that the county has achieved the highest productivity growth in England in recent years.
The latest statistics released by the Office of National Statistics have shown that the county’s productivity between 2010 and 2015 grew by an annual average rate of 3%, the fastest rate of growth out of all of the LEP areas in England.
Figures also show that between 2014 and 2015, the county’s productivity grew by 2.96%, the second fastest rate of all LEPs. In addition to this, the county’s Gross Value Added, an estimate of the county’s overall economy, grew to a total of £11.79bn.
Productivity, measured by GVA per hour worked, indicates how efficiently the labour force creates economic output. This measure is strongly linked with business innovation and growth, as well as investment in infrastructure, business support and skills.
Worcestershire LEP has invested Government’s Growth Deal funds into a number of recently completed projects which will further grow the local economy including the Hoobrook Link Road in Kidderminster and the North Worcestershire Engineering Centre of Excellence in Redditch.
Mark Stansfeld, Chair of Worcestershire Local Enterprise Partnership, said: “It is fantastic to see that Worcestershire is setting the standard for productivity growth. This highlights the exceptional quality of workforce that our local companies benefit from as well as the high level of innovation that exists within the county’s businesses. We will continue to invest Growth Deal funds into key projects that will further boost local productivity, and continue the county’s development as an innovative, creative and dynamic economy.”
Cllr Dr Ken Pollock, Cabinet Member with Responsibility for Economy, Skills and Infrastructure at Worcestershire County Council, said: “It is great news that Worcestershire has achieved the highest growth in productivity between 2010-15 and these figures are clear evidence of the fantastic progress our county’s businesses are making. Productivity is a hugely important ingredient for enabling companies to grow and expand their business potential. By achieving the highest growth in productivity, we are reinforcing the message that Worcestershire is a World Class place to locate your business.”
Worcestershire’s latest productivity announcement and recently completed Growth Deal project developments will feature at this year’s Worcestershire LEP Annual Conference 2017, taking place on 1 December 2017.