Our economic strategy combines our vision and values with a clear plan towards achieving our ambitions for significant growth by 2038.
Our economy contributes £14.3bn in economic output measured as Gross Value Added (GVA) or £21,178 per person. Over the last five years for which we have data, our economy grew by 5.9%, adding £800m to UK output. Exports are worth £1.8bn annually.
Be in the top 25% for life satisfaction nationally
Create 1,000 new jobs in low carbon sectors by 2030
Move to 50% renewable electricity by 2030
Reduce 1990 carbon emissions by 57% by 2032
Lower fuel poverty to below 10% by 2030
Grow our economy to £23.8BN by 2038
£14.3BN
Total GVA
£27.76
GVA per hour worked
684,300
Population
286,000
Number of jobs
30,775
Number of businesses
32.5%
Residents with level 4+ qualifications
Figures from 2019 showed that more residents here were engaged in the economy with an economic activity rate of 80% compared to 78.2% nationally.
There are traditionally low levels of benefits dependency based on claimant counts within our working age population.
We have significant sectoral strengths in advanced manufacturing with specialisms in metals, machinery and automotive, particularly light weighting and composites, as well as business and professional services and food and drink, especially in meat and dairy processing.
And we have emerging, nationally important strengths in environmental technology, cyber security and resilience, agri-tech, and innovative health and social care.
Overall, our productivity is lower than the UK average at £27.76 per hour worked, compared to £33.99 nationally, and has been relatively static since 2004.
The productivity challenge is not unique to the Marches, but does reflect our demographics, skills and physical and digital connectivity. We will continue to support innovation and investment to improve productivity.
The Marches provides an outstanding business environment, offering both employers and staff the best of work and home life.
Learn moreTogether, we are developing a vibrant regional economy, putting business at the heart of our work and removing the barriers to growth through investment in our key projects.
Learn more