North West remains steady as eighth most prosperous UK region.
|Household expenditure||£473 per week|
|Insolvency rates||20.4 per 10,000 population|
The North West has held steady as the eighth most prosperous region, with a 3.0% year-on-year rise in GDP per capita, the greatest increase of any UK region. Manchester specifically saw a marginally higher increase in GDP per capita, of 3.4%.
The North West also saw an uplift in average annual earnings, which rose to £25,726 – an increase of 2.5%. House prices saw a 5% year-on-year growth, reaching an average of £144,695. House prices in Manchester grew by 7%, slightly higher than the wider region.
The North West was the only UK region to see an increase in SME turnover, up 15% – pointing to a booming local economy as a significant driver of prosperity. The wider region outperforms the metropolitan centre of Manchester, which actually saw a 6% decrease.
The North West moved up one to seventh place in its business birth-to-death ratio, increasing from 1.35 businesses created per company death to 1.42. In 2016, the North West saw 36,500 new business births, third in the nation for new business, behind London (100,920) and the South East (55,590).
The number of millionaires in the North West increased by 8.9% year-on-year to reach 43,000, outpacing the overall national growth rate of 7.6%.