Economy and Employment

Local Economy

The output of the local economy can be measured by its Gross Value Added (GVA). The figures presented below represent the new balanced approach to estimating GVA, combining the income approach used previously (incomes earned by individuals (e.g. wages) and corporations (e.g. profits) in the production of outputs (goods or services)) with the production approach (total output of goods and services less the value of goods and services used up in the production process). In these terms, Wakefield’s GVA was £6.96 billion in 2016, up 2.8% from 2015. A three-year average figure helps to smooth out annual variability and shows that Wakefield’s GVA growth has slowed over the last decade. Growth in recent years had been higher than the Yorkshire and Humber region average, but has fallen back again recently.

Source: ONS

Employment and Unemployment Rates of Residents

There are signs that the number of Wakefield residents who are in work is increasing again after several years of slow decline. 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)