South West presents a mixed picture of prosperity with a prosperity score of 0.31.

MEASURE RESULTS
Household wealth £308,800
GDP £23,031
Unemployment 4.1%
Household expenditure £529 per week
House prices £247,798
Exam achievement 58.4%
Hours worked 32.3
Earnings £24,907
Business births/deaths 1.35
Insolvency rates 20.6 per 10,000 population
Millonaire numbers 52,500

The South West is the sixth most prosperous region in the UK Prosperity Map, falling two places since last year’s ranking, with a mixed picture for the region emerging from macroeconomic indicators.

A healthy housing market is contributing to levels of prosperity. Average house prices have increased by 5% to reach £247,798 – the fourth highest in the country. GDP has grown by 2.0%, the fifth-highest GDP per capita, at £23,031.

The region enjoys the third lowest rate of unemployment at just 4.1%. However, this has increased by 2% in the last year, the largest increase of any region in the UK. The South West’s mixed fortunes continue with household expenditure: on average, households are spending £529 a week, down 0.8% from last year. This is the fourth-highest in the UK, but it’s one of only three places that have seen weekly expenditure fall – the West Midlands and North East experiencing decreases of 0.1% and 0.9% respectively.

Bristol’s GDP per capita is slightly higher than the region as a whole, at £30,850. It’s also proving attractive to businesses and has a thriving start-up scene – while the region is 10th nationally for business birth-to-death ratio at 1.35, Bristol has a ratio of 1.53 created for every one that ‘dies’. This is the seventh-highest amongst UK cities, ranking above Cambridge (1.44), Cardiff (1.51) and Newcastle (1.31).

There are now 52,500 millionaires living in the region, an increase of 10.5% since last year. This accounts for 8.4% of all millionaires in the country and a 0.2% increase in share on last year.