Across the West Midlands, the Black Country has reported the highest growth rate in GVA (Gross Value Added) per hour worked with an increase of £26.5 in 2016 to £27.6 in 2017, an increase of 4.3% which nearly double the national average of 2.5%.
GVA per job filled also shows a positive story for the Black Country, experiencing a higher growth rate at 2.8% than the UK average of 2.5% and the highest within the West Midlands Combined Authority.
Stewart Towe, Chair of the Board, Black Country LEP said:
“This is fantastic news for the Black Country economy and we are delighted that alongside our partners across the West Midlands area we are consistently seeing an increase in productivity which is above the national average.
As our economy grows we will continue to create the conditions for businesses and people to thrive across the Black Country.”
Labour productivity is one of the most widely used measures of economic performance of a nation or an area. GVA per hour worked divides GVA by the total hours worked by the workforce in the area. GVA per filled job allocates GVA to the number of jobs in the area.
Find out more about the Black Country economy visit www.blackcountrylep.co.uk/about-us/black-country-economic-intelligence-unit/