Merseyside Economy
Independent evidence from national data sources underlines Merseyside’s rapid economic growth, with latest figures from the Office of National Statistics revealing that:
- More than 40,000 jobs have been created in five years. In the past 12 months, the highest increases in employment have been in construction (9.2%) and financial services (9.1%). There has also been a swing from part-time to full-time employment.
- Entrepreneurial activity among Merseyside's 18-24 year olds is twice the average level for the UK at 8.6% (compared to 3.8%).
- Total GVA for Merseyside has grown by 5.6% to £17billion. Meanwhile, GVA per head has grown by 5.5%, from £11,798 to £12,448. This is on a par with the UK growth rate and marginally higher than the Northwest average (5.4%).
- Population change is a key indicator of economic vitality and the population of Merseyside continues to increase.
- Merseyside's business base has grown at a higher rate (2.3%) than other comparative metropolitan areas. (The rate for England is 1.4%). Merseyside currently hosts 26,655 VAT-registered businesses, a figure which has now been growing for the past nine years.
- Merseyside's working-age population is showing sustained growth - from a loss of 7,000 in 1993 to a gain of 4,900 in 2005 - with the city of Liverpool acting as the key driver. Significant growth within the 20-24 age-band suggests expanding student numbers and a reduction in the number of young people leaving the area.
- Merseyside has seen a much higher rate of re-use of land than the national average, with 83% of brownfield land being developed, compared to 59% nationally.
