May 2018

WARWICKSHIRE MEANS BUSINESS

Latest data reveals record high number of people in work in Warwickshire

"An estimated 11,800 people in Warwickshire found work in 2017, increasing the county’s employment rate to 79.6%, its highest on record."

 

The latest Quarterly Labour Market Bulletin from Warwickshire County Council reveals several very positive movements in Warwickshire’s labour market over the last quarter.

The data, covering January to December 2017, showed a record high number of people in work, a low unemployment rate, increasing rates of labour force participation and significant job market activity.

An estimated 11,800 people in Warwickshire found work in 2017, increasing the county’s employment rate to 79.6%, its highest on record. The rate remains firmly above the national average and only five local authorities with a similar working-age population size have a larger proportion in employment.

At a local level, Nuneaton & Bedworth has seen the biggest progression since this time last year. The employment rate in that borough has increased 8.2% since 2016, equating to 6,500 extra residents in work. North Warwickshire continues to have the highest employment rate in the county, 85.4%, followed by Rugby (84.6%) and Warwick (81.2%).

Increases in employment have been strongest in the Real Estate, Automotive and Logistics & E-Commerce sectors, each growing more than 5% over the last year.

More people finding work has come hand-in-hand with an improvement in labour force participation. An estimated 63.6% of the 16+ age group are either in, or looking for, work. The participation rate among this age category has only been higher in one of the last 53 quarters.

The higher participation rate is partly related to job opportunities in the county. Warwickshire continues to have a significant number of job vacancies advertised on-line. In Q4 2017, there were 67.3 job vacancies per 1,000 population, more than double the national labour demand density.

Meanwhile, the unemployment rate in Warwickshire continues to fall. Throughout every quarter in 2017 the rate dropped and it now stands at 2.5%, much lower than the national average (4.4%).

The current edition of the QLMB, which can be read in full here, also includes a special article, published by Warwickshire Economics and compiled from their exclusive research, on the risk of automation. We estimate that a large proportion of jobs are at very high risk of automation in the county by 2030.

For further information about the report please contact its author Samvandeschootbrugge@warwickshire.gov.uk

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