North East shows signs of growth, despite its 12th place on Prosperity Index.
|Household expenditure||£424 per week|
|Insolvency rates||22.6 per 10,000 population|
While the North East remained in 12th place, key indicators such as GDP per capita and house prices have seen positive growth. GDP increased by 2.8% year-on-year, one of the largest increases in the UK. Only the North West had a higher rise, at 3.0%.
The North East also saw a drop in its insolvency rate, -6.6 points year-on-year, and unemployment dropped by 1.0%, down to 6.6%. House prices are another positive, up 4% in 2017, growing faster than Scotland (2%) and even London (3%).
The business scene is also improving – 1.41 enterprises are now ‘born’ for every one that goes out of business.
Average earnings decreased by 0.3% to £24,594, dropping the region four places in the rankings to tenth for overall average earnings – in fact, the North East was the only region to see a decrease in earnings. Household expenditure also decreased by 0.9% to £424 per week, the lowest in the country.
Despite this, millionaire numbers increased by 9.1% in the North East, from 11,000 in 2015 to 12,000 in 2016. Educational attainment also improved by 0.9% year-on-year, eighth in the UK.