Opportunities to Export - Somerset Chamber of Commerce

State of the Somerset Economy 2013The State of the Somerset Economy 2013report, issued in July 2013, providesinteresting reading for businesses based inthe countyCommissioned by Somerset County Council andproduced by the Marchmont Observatory at theUniversity of Exeter, the executive summary can bedownloaded from the Somerset Chamber website butfor convenience we’ve also pulled out some of the keyhighlights to share with you here.The Somerset economy: The Somerset economy is projected to grow byaround £2.38billion between 2011 and 2021,providing great opportunities for businesses withinthe county. The value of economic output in Somerset wasmarginally higher (0.4%) in 2011 than in 2007, whilein contrast, the output of the UK economy was 1.8%lower. The Somerset economy is weighted towards theservice sector with services generating £6billion,equivalent to two-thirds of GVA in 2011. The county’s largest single sector, generating morethan £1.5billion in 2011, is the manufacturingsector, with a significant contribution coming fromaerospace and advanced manufacturing. Somerset boasts a higher share of employment inhigh-technology manufacturing than the averageacross England. Both the Hinkley Point nuclear power stations and theemerging renewables sector present excellentopportunities for future economic growth. There were 21,865 (VAT and/or PAYE registered)businesses in Somerset in 2012, 90% of which aremicro businesses employing fewer than 10 people. Somerset has a relatively mature businesspopulation with more than half (52%) trading for 10years or more, compared with the England average of42%. Businesses started in Somerset have better survivalprobabilities than average and are more likely toreach their fifth anniversary.Employment: There were an estimated 259,000 jobs in theSomerset economy by 2011. 81% of employment in Somerset in 2011 was in theprivate sector. Employment in Somerset is expected to grow byaround 22,400 jobs in total between 2011 and2021, slightly higher than the UK average growth. Almost three quarters (74%) of Somerset’s workingage population were in employment during October2011-September 2012, three percentage pointshigher than the England average. 10,100 of Somerset’s residents were unemployedduring October 2011-September 2012, making thecounty’s unemployment rate 4%, half that of thenational rate (8%). Hinkley Point C would cause a notable rise in totalemployment, with important knock-on effects forunemployment and activity rates.Education & skills: More than 1,400 people aged 19 and under inSomerset started on the apprenticeship programmein 2011/12, mostly at the intermediate level. Almost all economically active Somerset residentsaged 18 to 59/64 have a qualification, with the vastmajority (82%) having a qualification at Level 2 orabove. The vast majority (93%) of A Level students inSomerset achieved at least two A Level passes (A*-E)in 2012, in line with the national average. Almost three-fifths (57%) of young people inSomerset left school with five or more good GCSEpasses (A*-C) including maths and English. A study in 2011 found that almost two thirds (64%) ofSomerset employers had offered their staff trainingin the last 12 months.If you would like to find out more, you can downloadthe 28-page executive summary of the State of theSomerset Economy 2013 report from the SomersetChamber website.Quarterly Economic Survey Q3 - www.britishchambers.org.uk/qes-surveyThe QES is the largest survey of its kind in the UK and for it to retain its reputation as a reliable economicindicator it is vital that Somerset Chamber and other affiliated Chamber members continue to respond.Log on by 18th September with the following details Chamber Number: 35Previous pageNext page5