Cannock Chase Council is delighted that a recent GBSLEP report shows that the Cannock Chase economy grew significantly during 2017.
Data produced by the ONS that has been published by the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) shows that Cannock Chase has seen the largest proportionate increase of Gross Value Added (GVA) within the GBSLEP area during 2017. The GBSLEP area includes; Birmingham, Bromsgrove, Cannock Chase, East Staffordshire, Lichfield, Redditch, Solihull, Tamworth and Wyre Forest.
GVA is the value generated by any business engaged in the production of goods and services. GVA is the nationally recognised measure of productivity within a national, regional or local economy and is commonly used by Government and other bodies such as LEPs to benchmark economic performance.
The GBSLEP area’s Gross Value Added grew by 1.56% in 2017, rising from £49.5 billion to £50.3 billion. Between 2010 and 2017, the GBSLEP economy grew by 20%, which is higher than other cities such as Leeds, Liverpool and Manchester.
The ONS data reveals that in 2017 the Cannock Chase economy in particular has performed exceptionally well, enjoying an increase in its GVA of 9.11%, which is higher than the GBSLEP average, which was 1.56%.
Furthermore, between 2010 and 2017, over 9,000 additional private sector jobs have been created in Cannock Chase, an increase of 30% during this period and higher than the growth rate of Birmingham.
GBSLEP funding has helped to support growing businesses through its Business Growth Grants and Support made possible through its delivery of European Funding programmes. The District has benefitted historically from Local Growth Fund investments at Kingswood Lakeside which has facilitated new private sector investment.
Councillor Gordon Alcott, Deputy Leader of the Council and Portfolio Leader for Economic Development and Planning said “This is excellent news for Cannock Chase District, not only is this the biggest growth rate in the GBSLEP area, it is above the national average. It shows that economic growth is strong in our District, and so far investment and support from the GBSLEP has helped many of our local businesses to invest and grow.
“The Council continues to be focused on promoting prosperity and with the opening of the McArthurGlen Designer Outlet Cannock in 2020, proposed regeneration of Rugeley Power Station and planned investment in a new Engineering Academy for the District, the economy in Cannock Chase should continue to prosper.”
Tim Pile, GBSLEP Chair, said: “The Greater Birmingham and Solihull economy has continued to gain momentum, as demonstrated by its growth in GVA. The strong performance of Cannock Chase demonstrates the significant impact our towns and local centres are making on our regional economy.
“We are working closely with our partners in Cannock Chase to support further growth and productivity in the local area, and ensure that it realises its full potential.”
GBSLEP is a partnership of businesses, local authorities and universities which supports private sector growth and job creation.
Their role is to create and support a globally competitive knowledge economy, ensuring this area is recognised as the natural home for Europe's entrepreneurs and wealth creators.
The GBSLEP’s target is to increase GVA by £29bn by 2030. In its Strategic Economic Plan in 2016, the LEP sets out to reach and exceed national GVA average and drive economic growth in the GBSLEP conurbation.