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Stockport Economic Overview 2019 Edition

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Stockport Economic Overview 2019 Edition Stockport Economic Overview 2019 Edition Stockport. Change here Economy, Work and Skills Telephone: 0161 474 3737 Email: [email protected] Web: www.stockport.gov.uk/business Twitter: @SMBC_Business 1 Stockport: Key Facts 291,000 live in Stockport, of which 61% are of working age (16-64). 81.7% of Stockport’s working age population is economically active, above the North West and UK averages. Stockport supports the third largest workforce within Greater Manchester, with 128,000 people employed within the district. Over 13,200 businesses operate in Stockport, 18% of which are involved in professional, scientific and technical activities. 42.8% of Stockport’s residents are qualified to NVQ level 4 or above, an increase of 1.7% on the previous year. Only 5.2% of the borough’s total population have no qualifications, compared to 9.6% across Greater Manchester. Stockport’s major growth sectors include professional services, information and communication, real estate, and administrative and support services. Population Stockport has a resident population of just over 291,000. There is a fairly even split between males (49.0%) and females (51.0%). The slight skew towards females reflects regional and national trends. The working age population (16-64) as a proportion of the total population, is slightly lower than the regional and national averages, as those under 15 and over 65 represent a higher proportion of the population than is seen in regional and national figures. Despite this, Stockport’s levels of economic activity (% of working age people available to work), and employment (% of working age people in employment) exceed both the regional and national averages. Population – Age and Gender Breakdown Stockport Stockport Numbers % NW % UK % Total 291,000 Males 142,600 49.0 49.3 49.3 Females 148,400 51.0 50.6 50.6 0 — 15 56,300 19.4 19.0 18.9 Working age (16-64) 177,000 60.8 62.5 62.9 65+ 57,600 19.8 18.4 18.2 Source: Mid-Year Population Estimates, ONS/NOMIS (2017) 2 Employment The strength of Stockport’s workforce and its economy is demonstrated by the higher than average employment and economic activity rates in the area. Stockport outperforms the North West and the UK, having an economic activity rate of 82.7% and an employment rate of 80.5% of 16-64 year olds. The employment rate for males in the area is 82.6%, which is higher compared to the North West (78.3%) and the UK as a whole (79.6%). Similarly, for females, the employment rate is 78.4% compared to the North West region (69.4%) and the UK (70.5%). Economically Active Population Stockport Stockport North West UK % (No's) % % Economically Active (% of working age 145,200 82.7 76.9 78.3 population available to work) Employment Rate (% of working age 141,300 80.5 73.8 75.0 population in employment) % of working age pop who are employees 121,700 69.3 64.3 64.1 % of working age who are self employed 19,600 11.2 9.3 10.6 Source: Annual Population Survey, ONS/NOMIS (2018) The level of self-employment in Stockport is 11.2%, which is also higher than in the North West (9.3%) and the UK (10.6%). The number of self-employed males in Stockport increased by 800 between 2016, and 2018, from 14.6% of working age males to 15.6%. There was no overall change in the number of self employed females between 2016 and 2018. Employment & Economic Activity by gender Stockport Stockport North UK % (No's) % West % MALES - Economically Active 74,100 85.3 81.8 83.1 Employment Rate 71,800 82.6 78.3 79.6 % of working age males: employees 58,200 67.0 65.0 65.1 % of working age males: self-employed 13,500 15.6 12.9 14.1 FEMALES - Economically Active 71,200 80.2 72.2 73.6 Employment Rate 69,600 78.4 69.4 70.5 % of working age females: employees 63,500 71.5 63.6 63.1 6,100 6.9 5.7 7.0 % of working age females: self employed Source: Annual Population Survey, ONS/NOMIS (2018) 3 By age group, Stockport has a higher proportion of those aged 50+ in employment than the North West, with 45.8% compared to 40.%. This also applies when compared to the national average of 41.9% for the UK. Employment rate for 50+ population Stockport Stockport North West UK % (No's) % % Employment rate (16+) 147,500 63.3 59.1 60.7 Employment rate (50+) 55,000 45.8 40.1 41.9 Source: Annual Population Survey, ONS/NOMIS (2018) Although at 65.0%, Stockport’s employment rate amongst ethnic minority groups is higher than the North West, it remains below the overall employment rate for Stockport (80.5%). Employment rate for ethnic minority population Stockport Stockport North West UK % (No's) % % White 130,100 82.2 75.7 76.7 Ethnic Minority 11,300 65.0 59.6 65.2 Source: Annual Population Survey, ONS/NOMIS (2018) Stockport’s knowledge driven economy, combined with its high quality of life, is reflected in the range of occupations held by its resident population. A high proportion of residents are employed in management and professional occupations, which make up over a third of the total number in employment. A higher proportion of residents tend to be employed in skilled or highly skilled occupations in comparison to the NW and UK. Resident Employment by Occupation Stockport Stockport NW % UK% No’s % Managers & Senior Officials 17,100 12.0 9.9 10.7 Professional Occupations 35,900 25.1 19.3 20.4 Associate Professional & Technical 18,500 12.9 13.5 14.5 Administrative & Secretarial 17,200 12.0 10.8 10.2 Skilled Trades Occupations 13,400 9.3 9.6 10.2 Personal Service Occupations 13,300 9.3 9.7 9.1 Sales & Customer Service Occupations 11,600 8.1 8.6 7.6 Process Plant & Machinery Operatives 6,100 4.3 6.9 6.4 Elementary Occupations 10,000 7.0 11.2 10.5 Source: Annual Population Survey, NOMIS (2018) 4 Employment rates have been consistently higher than the UK, North West and Greater Manchester in the previous decade. The Greater Manchester Forecasting Model 2019 suggests the employment rate in Stockport will increase between 2018 and 2028 reflecting similar trends across the UK, NW and Greater Manchester. Employment Rate Change Forecast 2008-2028 85.00 83.00 81.00 79.00 77.00 75.00 73.00 71.00 69.00 67.00 65.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Stockport GM NW UK Source: Greater Manchester Forecasting Model, 2019 Unemployment Historically, Stockport has experienced low levels of unemployment relative to Greater Manchester and the North West region. This is illustrated in the graph and table below, reinforcing the strength of the borough’s economy to deliver employment for its residents. In December 2018 Stockport had a claimant rate1 of 1.8%, which is lower than Greater Manchester (3.2%), the North West (2.9%), and the national average (2.3%). Claimant rates have remained low for several years, although pockets of worklessness remain evident in parts of the borough. Claimant count numbers and rates Claimant Count (December Claimant Rate (December 2018) 2018) Stockport 3,235 1.8 Greater Manchester 56,825 3.2 North West 133,570 2.9 United Kingdom 967,220 2.3 Source: Claimant Count, ONS/NOMIS (2019) 1 Claimant Rate comprises JSA and unemployment-related Universal Credit 5 Claimant rate in Stockport, Greater Manchester, North West & UK 2015-2017 3.4 3.2 3.0 2.8 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 Stockport Greater Manchester North West United Kingdom Source: Claimant Count, ONS/NOMIS, 2018 Economy Economy Stockport’s strategic location, range of business premises, prosperous residential areas and excellent connectivity all contribute to a thriving and diverse economy, including many high growth business start-ups and headquarters of both national and international firms. The borough is occupied by over 13,000 businesses and has the third largest workforce in Greater Manchester, with 128,000 people employed in the borough. Employment in Greater Manchester authority areas (2017) Employees number 500,000 386,000 400,000 300,000 200,000 149,000 128,000 110,000 106,000 86,000 75,000 68,000 100,000 67,000 66,000 0 Source: Business Register and Employment Survey, ONS, 2017 6 A breakdown of employment by sector shows the highest proportion of Stockport’s workforce are employed in the wholesale and retail sectors (17.2%), whilst 14.1% are in the health and social care sector. Finance and insurance services and information and communication are also important sectors for Stockport, having a higher proportion of people in these occupations than across both the North West and Greater Manchester. Manufacturing remains significant, with 11,000 currently employed in the sector. Employment by Sector Stockport Stockport Numbers % GM % NW% GB% Agriculture, forestry and fishing 175 0.1 0.1 0.4 0.7 Manufacturing 11,000 8.6 8.2 9.9 8.1 Electricity, gas, steam supply 3,000 2.3 0.5 0.4 0.5 Water supply & waste management 700 0.5 0.6 0.8 0.7 Construction 5,000 3.9 4.5 4.8 4.8 Wholesale and retail trade 22,000 17.2 16.3 16.0 15.1 Transportation and storage 3,000 2.3 5.8 5.1 4.7 Accommodation and food service 6,000 4.7 5.8 6.6 7.4 Information and communication 6,000 4.7 3.7 3.0 4.3 Financial and insurance activities 5,000 3.9 3.4 2.8 3.5 Real estate activities 2,250 1.8 2.1 1.8 1.6 Professional, scientific and technical 11,000 8.6 9.1 8.2 8.4 Administrative and support service 12,000 9.4 10.0 8.6 9.1 Public administration and defence 5,000 3.9 4.1 4.4 4.3 Education 10,000 7.8 8.9 8.8 8.9 Human health and social work 18,000 14.1 12.9 14.1 13.2 Arts, entertainment and recreation 2,500 2.0 2.4 2.6 2.5 Other service activities 3,000 2.3 1.7 1.7 2.0 Total Employment 128,000 Source: Business Register and Employment Survey, ONS/NOMIS, 2017 Stockport continues to attract and retain high quality employers, including international names such as Thales UK, Adidas, United Biscuits, The AA, Stagecoach, MAN Energy Solutions, BT, Sky and BASF.
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