ECONOMIC REVIEW AUTUMN 2007 OCTOBER 2007 By Carol Burdis Peter Sturman Kadhem Jallab Reference: EC 07/4 Price: £15.00 TYNE & WEAR RESEARCH AND INFORMATION 1st Floor Provincial House Northumberland Street Newcastle upon Tyne NE1 7DQ Tel: (0191) 277 1912, Fax: (0191) 277 1911 E-MAIL:
[email protected] WEBSITE: www.twri.org.uk Supported jointly by Cities of Newcastle and Sunderland and the Metropolitan Boroughs of Gateshead, North Tyneside and South Tyneside Economic Review – Autumn 2007 Tyne & Wear Research and Information Economic Review – Autumn 2007 CONTENTS Key Points ......................................................................................................................................... 1 1.0 ECONOMIC OVERVIEW .......……..……………………………………………………….….…… 3 1.1 Global Economy ……………….………………………………………………………………………………………………. 3 1.2 Recent Economic Trends ……………..……………………………………………………………………………………….. 3 1.3 Housing Market Latest; volumes down and Northern prices flat……………………………………………………………… 8 1.4 Labour Market Latest ………………………………………………………………………………..................................... 9 1.5 Labour Market Trends ………………………………………………………………………………………………………… 10 1.6 Future Economic Prospects ………………..…………………….…………………………………………………………… 11 2.0 ECONOMIC INDICATORS .………………………………………………………..……………….. 12 2.1 Business Conditions Indicators for Tyne & Wear (graphs) ………………………...………………………………………. 12 2.2 National Economic Indicators (table) ……………….………………………………………………………………………. 13 2.3 Labour Market Indicators (table) ……………………………………………………………………………………………… 14 3.0 LOCAL