ONS: North West beats rest for GVA growth
The North West was the best performing region of the UK measured by the increase in gross value added per head in 2015, with Cheshire and Warrington performing particularly strongly, according to figures released over Christmas by the Office for National Statistics.
In 2015, GVA, a measure of the increase in the value of the economy due to production of goods and service, increased in all regions. The highest annual growth was in the North West at 3.0% and the lowest annual growth was in the East Midlands at 1.0%.
The average GVA per person in the North West was £21,867, equivalent to 86% of the UK average of £25,351.
The North West was also the fastest growing region in the UK in 2015 when looking at annual growth in total GVA in millions of pounds. Total GVA in the North West grew by 3.6% in 2015. East Midlands had the lowest rate of growth in total GVA at 1.8% in 2015.
At £30,000, Cheshire and Warrington had the second highest productivity per head of any area in England outside London, beaten only by the grouping of Berkshire, Oxfordshire and Buckinghamshire. The worst performing sub-regions were Tees Valley, Durham, West Wales and The Valleys.
Cheshire and Warrington was further boosted last week by two announcements from the Department for Communities & Local Government, which unveiled funding for garden villages including one in Handforth in Cheshire East. The government also named Cheshire and Warrington as one of the first partnerships to access new starter home funding, in order to deliver residential units on brownfield sites, reserved for first time buyers between 23 and 40 years old.
Christine Gaskell, chair of Cheshire and Warrington LEP, said: “Cheshire’s economy continues to go from strength to strength, which our new regional income data demonstrates, showing significant economic growth in 2015. Together with these announcements from Government which will create much needed, new, affordable homes for local people, this is a great start to the year for our area, and will make a real difference in our aim to create high quality, sustainable places where people want to live and work, and where businesses want to invest.”