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Economy

Improving prosperity is vital as it underpins and impacts on so many areas of people’s lives, including their general health and wellbeing.

Supporting business enterprise and innovation is key to the future prosperity of the local area, while businesses can also play a key role in terms of health, well-being and resilience.

To be able to do this, it is important to have an in-depth understanding of the local economy and the types of businesses that are located in the area so that interventions can be targeted to lead to maximum economic growth and increased prosperity.

This section considers priority areas including the economic structure of the local economy, productivity, and the local workforce.

Businesses and employers

In order to support our key population outcome of enabling our residents to access more and better jobs, we need to develop a good understanding of what employment options there are in Staffordshire and how this is changing.  To achieve this, it is important to try and build up a picture of what employment options exist locally by looking at which industries are in growth or decline, and which are most resilient, so that learning opportunites are providing residents with a good pathway towards employment.

Gross Value Added

Gross Value Added (GVA) is a measure of output in terms of the increase in the value of the economy through the production of goods and services.  GVA is a component of Gross Domestic Product (GDP) and is the preferred method used by the Office for National Statistics (ONS) to measure national economic performance and can be used locally to assess the overall economic wellbeing of an area.

GVA + taxes on products - subsidies on products = GDP

If GDP has increased over the previous three months, the economy is growing, if it has reduced it is contracting.  Two consecutive three month periods of contraction means an economy is in recession. 

Employment

The Strategy Team produces a monthly briefing looking at the latest unemployment data and reports on how the rate has changed in the previous month, quarter and year.  This information can be found on our employment page.

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Latest news
Staffordshire celebrates success of 2022 Birmingham Commonwealth Games

Staffordshire celebrates success of 2022 Birmingham Commonwealth Games

Staffordshire is celebrating the success of the Birmingham 2022 Commonwealth Games and the county hosting two events. The Games, which draw to an end today, saw over 5000 top international athletes take part in over 280 events over 11 days.
Date:
08 August 2022
Luke lands ideal job thanks to council work experience programme

Luke lands ideal job thanks to council work experience programme

A young man with Asperger's syndrome has found his ideal job thanks to a successful work experience programme delivered by Staffordshire County Council.Twenty-six-year-old Luke Harrison is the latest person to benefit from the 'Open Door' programme, having secured a job as a Business Support Assistant at the local authority.
Date:
02 August 2022
Families urged to have a safe summer

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People are being encouraged to follow sensible precautions and enjoy a safe summer.
Date:
02 August 2022
Main Staffordshire route set for overnight closure as major development works continue

Main Staffordshire route set for overnight closure as major development works continue

A main route north of Stafford will close overnight for one night next week while work on a major industrial development continues.
Date:
01 August 2022

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