It’s the time of year that independent stats are produced relating to the economic performance of the previous year. These are a great barometer to assess how Warrington is performing collectively as an economy in relation to the rest of the UK.
Despite the global market uncertainty, I’m pleased to report that Warrington continues to fare well economically. The annual statistics produced by the economic think tank, Centre for Cities, continue to show Warrington out performing most of the UK in terms of economic indicators. The Centre for Cities consider Warrington to be in the top 64 cities in the UK.
Warrington continues its proud status as the only place in the North of England classed as a high wage and low welfare city. Warrington is also ranked in the top 20 for average earnings and has the 16th lowest welfare spend per capita in the UK along with the 22nd lowest claimant count.
The borough has the 9th highest employment rate in the UK and is 8th highest in terms of residents who possess formal qualifications.
In previous years Warrington has always been ranked in the bottom 10 for high speed broadband but encouragingly has now moved up considerably and is ranked 40th out of 64 and well above the national average, as a direct result of the Connecting Cheshire initiative. Great news but clearly still some way to go, which I know the Connecting Cheshire programme is on with.
New businesses are the lifeblood of Warrington’s economy and the Borough is ranked at 15th highest in the UK for the number of business start ups per capita and encouragingly are 5 paces below the national average for business closures. Business survival rate is therefore strong. The Centre for Cities stats are based on figures for 2015. Start-up Britain have released their stats for 2016 and rank Warrington at 13th highest number of business start ups in the UK.
Next month Warrington & Co. will be announcing the findings of our Annual Property Review which looks at the trends and uptake in the commercial and residential property market over the last 12 months. These stats are now in their 19th year and provide an interesting measure of the growth and strength of Warrington as a residential and business location. I’ve had a preview of some of the figures and, once again they are very encouraging. I’ll report more next time.
For those businesses on Twitter, Warrington & Co. will be hosting #WarringtonCoHour every Thursday between 3pm and 4pm and between 8pm 9pm. This is an innovative way of using social media to get the word out that there are small companies and sole traders across the entire Borough of Warrington, and across all sectors, who are open for business. Connecting the local supply chain is a small but essential part of growing Warrington’s economy and I encourage all small businesses to get involved and be part of this thriving economy. Participation is easy (and free!). Warrington & Co. will be tweeting, we’ll retweet your business tweets and we encourage other businesses to contribute with their business news and offers and retweet each other. We’ll be starting on Thursday 9th March, so please be a part of it!