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South Bucks Councillor Update Economic Profile of Iver Village & Richings Park Ward

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South Bucks Councillor Update Economic Profile of Iver Village & Richings Park Ward South Bucks Councillor Update Economic Profile of Iver Village & Richings Park Ward April 2014 Produced by Buckinghamshire Business First’s research department P a g e | 2 1.0 Introduction Iver Village & Richings Park is home to 5,301 people and provides 2,600 jobs in 105 businesses. Of these businesses, 18 (17.1 per cent) are Buckinghamshire Business First members. There were 3,941 employed people aged 16-74 living in Iver Village & Richings Park ward at the 2011 Census, 545 more than the 3,396 recorded in 2001. Over that period the working age population rose 431 to 3,463 while the total population rose 616 to 5,301. The number of households rose by 136 (7.3 per cent) to 1,990. This is a significant percentage increase and places the ward sixth out of all wards in South Bucks. Based on the increase in number of households, the ward ranks 29th out of all wards in Buckinghamshire. The largest companies in Iver Village & Richings Park include: Kimberley Access; Complete Business Installations; Kossway Automatics; GBA Services Ltd; Andrew Print Finishing Ltd; Muller Martini Ltd; and TNT Newsfast. There are 42 Iver Village & Richings Park, representing 1.3 per cent of working age residents, including 25 claimants aged 25-49 and 35 who have been claiming for less than six months. Superfast broadband is expected to be available to 95 per cent of premises in the Iver Village & Richings Park ward by March 2016 with commercial providers responsible for 86 per cent. The Connected Counties project, run by BBF, deliver the remaining 9 per cent through its interventions in Iver exchange area. BBF is seeking to deliver an extended superfast footprint via additional funding, adaptation of downstream technology and contract claw-back mechanism. At the time of the 2001 Censusi, of the 2,509 employed residents, 567 people lived and worked in the ward, with the most common destinations by local authority district being: South Bucks (748, 29.8 per cent) Hillingdon (566, 22.6) Slough (375, 14.9) Windsor & Maidenhead (107, 4.3) Hounslow (100, 4.0) Ealing (84, 3.3) Westminster, City of (73, 2.9) P a g e | 3 2.0 Industrial structure There are 105 businesses located in Iver Village & Richings Park employing 2,600 people. Of these businesses, 74 are micro businesses, employing fewer than 10 people. Iver Village & Richings Park is over-represented in transport & storage which covers 16.4 per cent of employment ranking the ward 345th out of all wards. Wholesale accounts for 8.7 per cent of employment while construction accounts for 9.7 per cent of employment. Based on this, the ward is ranked 1,062nd and 1,859th respectively. Property contributes to 3.5 per cent of employment and based on this proportion, the ward is ranked 1,092nd out of all wards. Finally, business administration & support services covers a total of 16.1 per cent of employment ranking the ward 573rd out of all wards. Chart 1: Industrial Structure Index, 2012 (GB=100) Agriculture, forestry & fishing Mining, quarrying & utilities Manufacturing Construction Motor trades Wholesale Retail Transport & storage Accommodation & food services Information & communication Financial & insurance Property Professional, scientific & technical Business administration & support services Public administration & defence Education Health Arts, entertainment, recreation & other services 0 50 100 150 200 250 300 350 400 Source: BRES, ONS, 2013 Iver Village & Richings Park is under-represented in a number of sectors including; retail; financial & insurance; public administration & defence; education; and health. Retail covers just 3.6 per cent of employment ranking the ward 6,644th out of all wards. Financial & insurance and public administration & defence each cover only 0.5 per cent of employment ranking the ward 3,931st and 4,117th out of all wards respectively. Education covers just 3.4 per cent of employment ranking the ward 7,221st out of all wards. P a g e | 4 2.1 The Industrial Strategy and the Plan for Growth Plan for Growth and the Industrial Strategy set out policies to realise this objective and to rebalance the economy, which include focusing on sectors expected to deliver strong growth. South Bucks economy is well-represented in these sectors, particularly aerospace, the information economy and professional and business services. While Iver Village & Richings Park provides jobs in these sectors, the industrial strategy sector where the ward delivers the highest share of national employment is professional & business services which accounts for 18.7 per cent of employment, ranking Iver Village & Richings Park at 731st among English wards. The proportions of jobs in Iver Village & Richings Park in Industrial Strategy sectors are presented in Table 1. Table 1: Employment in selected industrial strategy sectors, 2012 Construction PBS EconomyInformation Education South Bucks 5.1 16.8 2.3 7.1 Buckinghamshire 5.2 14.7 4.4 9.7 England 4.2 12.1 2.9 9.2 Iver Village and Richings Park 9.1 18.7 1.3 3.3 Source: BRES, ONS, 2013 At 9.1 per cent, the proportion of Iver Village & Richings Park construction sector is the 1,631st highest of all wards in England, the proportion is above that of both the country level and the district level. 3.0 Labour market At 68.4 per cent of 16-74 year olds, Iver Village & Richings Park among the highest in the country. Iver Village & Richings Park has a proportion of 29.7 per cent of its residents qualified to degree level or higher. Furthermore, 48.9 per cent work in managerial, professional or technical occupations. In South Bucks the wards most similar to Iver Village & Richings Park are Denham South, Iver Heath and Burnham Church with six of the other 27 wards among the top thousand closest matches. The least similar ward in the district is Beaconsfield North, the only ward in South Bucks to rank lower than the 5,000th closest match. P a g e | 5 Table 2: Iver Village & Richings Park 2011 Self-employed 1-3 SOCs NVQ4+ age Working Employmentrate Ward Name Home from Work Iver Village and Richings Park 5.5 13.4 48.9 29.7 65.3 68.4 Denham South 5.7 15.5 47.5 28.1 66.2 68.1 Iver Heath 4.7 12.6 46.6 26.3 64.6 69.6 Burnham Church 5.0 11.9 47.8 30.4 62.7 68.4 Wexham and Iver West 4.4 12.5 48.1 27.9 65.1 64.4 Dorney and Burnham South 8.9 16.8 49.1 33.9 63.0 69.8 Source: Census, 2011 Iver Village & Richings Park has a high level of those who work from home and of those who are self-employed. Furthermore, as stated previously, the ward has a high level of those educated to degree level or higher and those working in managerial, professional and technical roles ranking well above average in both. Iver Village & Richings Park looks to have a high employment rate and a high level of working age residents. Chart 2: Iver Village & Richings Park Work from Home 100 75 Employment rate 50 Self-employed 25 0 Working age SOCs 1-3 NVQ4+ Source: Census, 2011 P a g e | 6 4.0 Occupational Structure Iver Village & Richings Park and better remunerated occupations, with 48.9 per cent of working residents employed in managerial, professional and technical occupations, ranking in the top quartile nationally for managerial & technical occupations. In contrast Iver Village & Richings Park ranks in the bottom quartile for other occupations, with only 7.3 per cent of working residents employed in elementary occupations. Chart 3: Iver Village & Richings Park occupational, 2011 1. Managers, directors and senior officials 100 9. Elementary occupations 2. Professional occupations 75 50 8. Process plant and machine 25 3. Associate professional and operatives technical occupations 0 7. Sales and customer service 4. Administrative and secretarial occupations occupations 6. Caring, leisure and other 5. Skilled trades occupations service occupations Source: Census, ONS, 2011 5.0 Deprivation Buckinghamshire has the lowest level of economic deprivation of any Local Enterprise Partnership, with South Bucks having the 13th lowest economic deprivation of all 326 local authority districts in England, behind South Bucks (10th) but ahead of Aylesbury (37th) and Wycombe (69th). Chart 4 demonstrates the concentration of South Bucks wards among the least deprived in England with 8 of the 19 wards featuring among the least deprived 10 per cent of all wards in England and none falling below the sixth most deprived ranking among the most deprived half of English wards, a stark contrast to the London Borough of Newham where no ward ranks above halfway, highlighting the challenge South Bucks faces to attract resources to tackle deprivation. P a g e | 7 Iver Village & Richings Park has the 2,632nd lowest economic deprivation of the 7,707 wards in England and the 17th least economically deprived of the 19 South Bucks wards. Iver Village & Richings Park is the 80th least economically deprived among the 108 wards in Buckinghamshire. The position of South Bucks wards in England is shown in Chart 4 below, with Iver Village & Richings Park one of the two fourth least deprived decile. Chart 4: Relative economic deprivation of South Bucks wards by English decile, 2009 9 8 7 6 5 4 3 2 1 0 Most Least deprived deprived Source: DCLG, 2012 Iver Village & Richings Park ranks 4,989th out of all wards in England based on the Index of Multiple Deprivationii; this makes it among the less deprived wards in England, below South Bucks average rank of 6,084th, demonstrating that the ward is more deprived than the district as a whole.
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