03 Jul New Report Shines Light on South Kesteven’s Thriving Economy
South Kesteven has an active and thriving economy, boasting above average levels of employment and good job opportunities, according to a new report published by InvestSK.
The South Kesteven Economic Intelligence Report has been published this week by InvestSK – South Kesteven’s economic development and regeneration company – and includes the most up-to-date data from the Office for National Statistics (ONS), Nomis (Official Labour Market Statistics), Census, HM Land Registry and Stat-Xplore.
Statistics within the report show that the area remains an affordable place in which to live, work, invest and run a business.
Productivity in South Kesteven has increased at nearly double the regional and national rates and the district has experienced a prolonged period of growth; between 2012 and 2017, local business stock increased by an additional 695 enterprises.
Levels of employment and self-employment are above those of the East Midlands and Great Britain; there was a 2.8 per cent increase in people working in South Kesteven between 2017 and 2018.
The levels of pay for people who live in South Kesteven have increased at a quicker rate than the rest of Great Britain and are now on par with the East Midlands region; between 2017 and 2018, resident earnings have increased by £27 per week to £530.
The report also shows that house prices in the district have been growing at a quicker rate than the national average, between 2011 and 2018, and are now beginning to close the price gap with the national average.
This shows confidence and demand in the South Kesteven housing market, outlining the attractiveness of the district as a place to live.
Steve Bowyer, Chief Executive at InvestSK, said: “We’re pleased to present this report, which demonstrates why South Kesteven is the perfect place to grow a business. The intelligence indicates we have a growing and diverse economy, with high levels of economic activity and growth in medium sized businesses.
“We hope it will be useful to business leaders, investors and other organisations as they play a part in South Kesteven’s growth, but also as a way of promoting the area to the rest of the UK.”
Councillor Helen Goral, Cabinet Member for Growth at South Kesteven District Council, said: “I welcome this new economic intelligence report from InvestSK.
“If we’re to deliver the bold ambitions for growth that we have as a district council, we need the information and insights to shape that growth: identifying the areas of need and priority, and the potential areas of catalytic change.”
To access the full report, click here.