LEP Economic Profiles - How do local assets affect productivity?

Local Productivity Analysis

Note that some Local Authorities are in more than one LEP area. These authorities can be identified by the darker colouration.

The lighter bars show the full range of possible values, the darker bars show the values that apply to the selected LEP.

Standard economic studies only provide a partial picture

The standard approach is to gather series of economic indicators and to describe each individually, showing how an area performs relative to a given benchmark, whether it be a regional/UK average or a set of comparator areas. This analysis is then used to infer area characteristics that will contribute or hinder development prospects.

That approach does not help policy-makers to understand:

An integrated analysis offers more insight into performance

The key to understanding economic performance and potential is to comprehend the way in which the assets of an area come together to improve or limit performance prospects.

We have looked at eight asset groups:

The proportion of micro (<5) firms, Business density, and Business vibrancy
Labour Market
Activity rate and Job density
Full-time employment rate and Net Commuting
Location/ Accessibility
Rail journey time to London, Accessibility to 8 largest business centres, and Accessibility to large airports
Industrial Base
GVA-weighted sector employment distribution, Knowledge-based industries concentration, and Agglomeration elasticity
Managerial and professional jobs, NVQ level 4+ qualifications rate, and the rate of no qualification
Council Tax A&B band properties and Private sector stock
Property mix
Factory workspace and Office workspace

In order to understand the variety, pattern, and interaction of a wider range of indicators, we employ two statistical techniques.