Economy and Employment

Local Economy

The output of the local economy can be measured by its Gross Value Added (GVA). This captures the value of wages and profits and the value of goods and services produced. In these terms, Wakefield’s GVA was £7.33 billion in 2017, up 4% from 2016. It is the fifth-largest economy in the region, below Leeds, Sheffield, Bradford and Kirklees.

A three-year average figure helps to smooth out annual variability and shows the extent to which Wakefield’s GVA growth fell during the economic downturn, and then recovered (see graph below). Growth in recent years had been higher than the Yorkshire and Humber region average, but has now leveled out.

Source: ONS

Employment and Unemployment Rates of Residents

There are ? Wakefield residents aged 16-64 in employment (?), and a further ? people aged 65 and over – a number that is increasing steadily.

The figures mean that the employment rate of people aged 16-64 is ?% (?) – compared to ?% in the Leeds City Region and ?% across England as a whole.

Source: ONS Labour Market Statistics (nomis API)

In the 12 months ?, the unemployment rate in the Wakefield district was ?% of people who were economically active, compared to ?% across the Leeds City Region, and ?% across England. Wakefield’s unemployment rate had been as high as 10.8% at the height of the economic downturn. In addition to the ? economically active people who are unemployed, there are ? economically inactive people who would like a job.

Source: ONS Labour Market Statistics (nomis API)