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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
Award winning business takes on new staff thanks to growth grant

Award winning business takes on new staff thanks to growth grant

A South Staffordshire business struck hard by the Covid-19 pandemic has bounced back to win major industry awards and up-skill new staff thanks to a local growth grant.
Date:
19 May 2022
Call for urgency regarding Walleys Quarry road problems

Call for urgency regarding Walleys Quarry road problems

Staffordshire County Council is urging Walleys Quarry to act as quickly as possible to resolve traffic problems caused by HGVs queueing outside its site.
Date:
18 May 2022
Report missing or stolen gully covers

Report missing or stolen gully covers

People in Staffordshire are being asked to report any incidents of missing or stolen metal roadside drainage covers following a spate of thefts in parts of the county.
Date:
18 May 2022
Multiply your numeracy skills through national skills programme

Multiply your numeracy skills through national skills programme

A national programme to boost adult numeracy skills leading to better job prospects and improved day-to-day living will launch in Staffordshire this autumn.
Date:
18 May 2022

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