North East shows signs of growth, despite its 12th place on Prosperity Index.

MEASURE RESULTS
Household wealth £150,000
GDP £18,927
Unemployment 6.6%
Household expenditure £424 per week
House prices £118,971
Exam achievement 56.6%
Hours worked 33.41
Earnings £24,594
Business births/deaths 1.41
Insolvency rates 22.6 per 10,000 population
Millonaire numbers 12,000

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.