West Midlands climbs two places in prosperity rankings.
|Household expenditure||£454 per week|
|Insolvency rates||18.4 per 10,000 population|
The West Midlands now ranks in seventh place, climbing two places. The region enjoyed the largest increase in average earnings in the UK, jumping 3.9% from last year to £25,746.
A buoyant housing market is contributing to prosperity, with the average house price at £170,636, the fifth highest in the UK. Prices have risen by 6% since last year, with only Eastern England seeing higher growth at 7%. Birmingham saw the biggest increase in house prices of the nine UK cities included in the research, at 8%.
GDP per capita has increased 1.6% to £20,826, though this is one of the smallest increases of any region in the UK – only Northern Ireland and East Midlands have experienced less growth.
Average household expenditure is one of the lowest, at just £454 a week – West Midlands is one of only three regions that’s seen weekly expenditure fall, with a decrease of 0.1%. Only the South West and North East also saw decreases, at 0.8% and 0.9% respectively.
Birmingham is booming when it comes to start-ups, with the highest business birth-to-death ratio of any in the UK at 1.81, outstripping London’s 1.78. At a regional level, London comes out top, but the West Midlands as a whole also ranks highly with a ratio of 1.55, possibly indicative of a ‘ripple effect’ from Birmingham at the region’s economic heart.
The number of millionaires in the West Midlands has increased by 10.3% since last year. There are now 32,000 millionaires in the region, 5.1% of all millionaires in the country and a 0.1% share increase on last year.