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Maidstone Borough Economic Indicators

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Maidstone Borough Economic Indicators MAIDSTONE BOROUGH ECONOMIC INDICATORS OVERVIEW Indicators for Maidstone Borough can be divided into the following sections: ¢ Productivity ¢ Business Demography Including Business Survival Rates ¢ Employment and Unemployment ¢ Labour Force Characteristics PRODUCTIVITY Gross Value Added 4,000 3,500 Maidstone 3,000 Ashford Canterbury 2,500 Dartford Dover 2,000 Gravesham Sevenoaks 1,500 Shepway Shale Gross Value Added GrossValue GrossValue Added Added (£(£million) million) Thanet 1,000 Tonbridge & Malling Tunbridge Wells 500 Medway 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Year PRODUCTIVITY Gross Value Added per capita 30,000 Maidstone 25,000 Ashford Canterbury Dartford 20,000 Dover Gravesham Sevenoaks 15,000 Shepway Shale GVA GVA per capita (£) Thanet 10,000 Tonbridge & Malling Tunbridge Wells Medway 5,000 Kent South East 0 GB 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Year PRODUCTIVITY BUSINESS DEMOGRAPHY ¢ Looking at the life-cycle of Maidstone Borough businesses: Population size Births Deaths Survival Rates BUSINESS DEMOGRAPHY –POPULATION SIZE Businesses Active 8,000 7,000 Maidstone 6,000 Ashford Canterbury 5,000 Dartford Dover 4,000 Gravesham Sevenoaks 3,000 Shepway Swale Active Businesses Businesses Active Active (districts) (districts) Thanet 2,000 Tonbridge & Malling Tunbridge Wells 1,000 Medway 0 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Year BUSINESS DEMOGRAPHY –POPULATION SIZE Net Change in Business Population 300 250 200 Maidstone Ashford 150 Canterbury Dartford 100 Dover Gravesham 50 Sevenoaks Shepway 0 Swale Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Net Business Business Net Change Thanet -50 Tonbridge & Malling Tunbridge Wells -100 Medway -150 -200 BUSINESS SURVIVAL RATES Net Change in Business Population - Maidstone 300 250 200 150 100 50 0 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Net Business Business Net Change -50 -100 -150 -200 BUSINESS DEMOGRAPHY –POPULATION SIZE BUSINESS DEMOGRAPHY -BIRTHS Business Birth Rate 16.0 14.0 Maidstone Ashford 12.0 Canterbury Dartford Dover 10.0 Gravesham Sevenoaks 8.0 Shepway Swale 6.0 Thanet Tonbridge & Malling 4.0 Tunbridge Wells Kent Business Business BirthBirthRateRate (per(per 100 100 activeactivebusinesses) businesses) 2.0 Medway South East 0.0 UK Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Year BUSINESS DEMOGRAPHY -DEATHS Business Death Rates 14.0 Maidstone 12.0 Ashford Canterbury 10.0 Dartford Dover Gravesham 8.0 Sevenoaks Shepway Swale 6.0 Thanet Tonbridge & Malling 4.0 Tunbridge Wells Kent Medway Business Business DeathDeath Rates Rates (per(per 100 100 activeactive businesses) businesses) 2.0 South East UK 0.0 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 BUSINESS DEMOGRAPHY –SURVIVAL RATES Maidstone Business Survival Rates 100.0 90.0 80.0 70.0 60.0 2006 Maidstone 2007 Maidstone 50.0 2008 Maidstone 2009 Maidstone 40.0 2010 Maidstone 30.0 % ofof Businesses Businesses % % thatthat Survive Survive Year Year 1 1 20.0 10.0 0.0 1 Year Survival % 2 Year Survival % 3 Year Survival % 4 Year Survival % 5 Year Survival % E E Employment Rate (%) 50.0 55.0 60.0 65.0 70.0 75.0 80.0 85.0 90.0 MPLOYMENT MPLOYMENT AND Jan 2004 -Dec 2004 Average) Annual Moving Rate (Quarterly Employment Apr 2004 -Mar 2005 Jul 2004 -Jun 2005 Oct 2004 -Sep 2005 Jan 2005 -Dec 2005 Apr 2005 -Mar 2006 Jul 2005 -Jun 2006 Oct 2005 -Sep 2006 Jan 2006 -Dec 2006 Apr 2006 -Mar 2007 Jul 2006 -Jun 2007 R Oct 2006 -Sep 2007 Jan 2007 -Dec 2007 ATE Apr 2007 -Mar 2008 Jul 2007 -Jun 2008 Oct 2007 -Sep 2008 U Jan 2008 -Dec 2008 NEMPLOYMENT Apr 2008 -Mar 2009 Jul 2008 -Jun 2009 Oct 2008 -Sep 2009 Jan 2009 -Dec 2009 Apr 2009 -Mar 2010 Jul 2009 -Jun 2010 Oct 2009 -Sep 2010 Jan 2010 -Dec 2010 Apr 2010 -Mar 2011 Jul 2010 -Jun 2011 Oct 2010 -Sep 2011 Jan 2011 -Dec 2011 Apr 2011 -Mar 2012 Jul 2011 -Jun 2012 Oct 2011 -Sep 2012 – Ashford Medway Kent TunbridgeWells Tonbridge& Malling Thanet Shale Shepway Sevenoaks Gravesham Dover Dartford Canterbury Maidstone GB South East U E Unemployment Rate (%) 10.0 15.0 20.0 25.0 MPLOYMENT AND NEMPLOYMENT 0.0 5.0 Jan 2004 -Dec 2004 Apr 2004 -Mar 2005 Jul 2004 -Jun 2005 Average) Annual Moving Rate (Quarterly Unemployment Oct 2004 -Sep 2005 Jan 2005 -Dec 2005 Apr 2005 -Mar 2006 Jul 2005 -Jun 2006 Oct 2005 -Sep 2006 Jan 2006 -Dec 2006 Apr 2006 -Mar 2007 Jul 2006 -Jun 2007 Oct 2006 -Sep 2007 R Jan 2007 -Dec 2007 ATE U Apr 2007 -Mar 2008 Jul 2007 -Jun 2008 NEMPLOYMENT Oct 2007 -Sep 2008 Jan 2008 -Dec 2008 Apr 2008 -Mar 2009 Jul 2008 -Jun 2009 Oct 2008 -Sep 2009 Jan 2009 -Dec 2009 Apr 2009 -Mar 2010 Jul 2009 -Jun 2010 Oct 2009 -Sep 2010 Jan 2010 -Dec 2010 Apr 2010 -Mar 2011 Jul 2010 -Jun 2011 Oct 2010 -Sep 2011 – Jan 2011 -Dec 2011 Apr 2011 -Mar 2012 Jul 2011 -Jun 2012 Oct 2011 -Sep 2012 Ashford Medway Kent TunbridgeWells Tonbridge& Malling Thanet Swale Shepway Sevenoaks Gravesham Dover Dartford Canterbury Maidstone GB South East EMPLOYMENT AND UNEMPLOYMENT –JOB DENSITY Job Density 0.94 0.92 0.90 0.88 Maidstone 0.86 0.84 0.82 0.80 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 JOB DENSITY LABOUR FORCE CHARACTERISTICS –GROSS WEEKLY PAY LABOUR FORCE CHARACTERISTICS –WORKFORCE VERSUS RESIDENT REPORTING Weekly Wages in Maidstone - Resident- versus Workplace- Based 600.0 500.0 400.0 300.0 Maidstone Resident-Based Maidstone Workplace Based 200.0 Median Weekly MedianWeekly Wages (£) 100.0 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 LABOUR FORCE CHARACTERISTICS -HIGHLY - SKILLED WORKFORCE Highly-skilled Workforce 45.0 40.0 ications ications 35.0 30.0 25.0 20.0 Jan 2011-Dec 2011 15.0 10.0 5.0 0.0 Working Age WorkingAge WorkingAge PopulationPopulation withwith NVQ4+ NVQ4+ EquivalentEquivalent QualifQualif Highest level of Qualification (resident population aged 16+), 2011 Source: 2011 Census Table KS501EW All People Maidstone Number % of all people 16+ Population aged 16+ 125,476 100% No qualifications 25,915 20.7% Level 1 qualifications 18,336 14.6% Level 2 qualifications 22,108 17.6% Apprenticeship 5,112 4.1% Level 3 qualifications 15,246 12.2% Level 4 qualifications and above 32,154 25.6% Other qualifications 6,605 5.3% CONCLUSIONS ¢ High-productivity services in Maidstone ¢ Attracting employees from outside the area ¢ Problems with encouraging starting new businesses – once they start however, they are reasonably likely to be successful ¢ Decline in local employment despite steady number of jobs (in-commuters taking lower-wage, local jobs?) ¢ Growth in tourism and retail? (attracting more employees?) ¢ Some problems with decline where other districts are recovering VAT and/or PAYE based enterprises - 2012 Source: UK Business Survey, ONS 2012 Maidstone Kent Great Britain Agriculture, forestry & fishing 295 2,170 125,620 Production 395 3,420 145,550 Construction 1125 7,985 263,000 Motor trades 255 2,050 75,365 Wholesale 365 3,055 120,730 Retail 680 6,430 277,480 Transport & storage (inc. postal) 250 2,045 80,385 Accommodation & food services 380 3,900 163,440 Information & communication 405 3,465 165,750 Finance & insurance 180 1,515 63,520 Property 225 1,885 88,490 Professional, scientific & technical 1045 8,555 366,050 Business administration and support services 560 4,445 176,930 Public administration and defence 75 515 24,880 Education 180 1,585 65,215 Health 420 3,625 146,605 Arts, entertainment, recreation and other services 480 4,015 178,645 TOTAL 7315 60,660 2,527,655 Employment by Industry 2011 Maidstone R, S, T, U Other Q Human health and social work activities P Education O Public administration and defence;… N Administrative and support service activities M Professional, scientific and technical activities L Real estate activities K Financial and insurance activities J Information and communication I Accommodation and food service activities H Transport and storage G Wholesale and retail trade; repair of motor … F Construction E Water supply; sewerage, waste … C Manufacturing B Mining and quarrying A Agriculture, forestry and fishing Source: 2011 Census, ONS Presented by: Research & Evaluation, Kent County Council 0.0% 2.0% 4.0% 6.0% 8.0%10.0%12.0%14.0%16.0%18.0%.
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