North East

North East shows signs of growth, despite its 12th place on Prosperity Index.

Measure

Results

Household wealth:

£150,000

GDP:

£18,927

Unemployment:

6.6%

Household expenditure:

£424 per week

House prices

£118,971

Exam achievements

56.6%

Hours worked:

33.41

Earnings:

£24,594

Business births/deaths

1.41

Insolvency rates:

22.6 per 10,000 population

Millionaire numbers:

12,000

While the North East remained in 12th place, key indicators such as GDP per capita and house prices have seen positive growth. GDP increased by 2.8% year-on-year, one of the largest increases in the UK. Only the North West had a higher rise, at 3.0%.

The North East also saw a drop in its insolvency rate, -6.6 points year-on-year, and unemployment dropped by 1.0%, down to 6.6%. House prices are another positive, up 4% in 2017, growing faster than Scotland (2%) and even London (3%).

The business scene is also improving – 1.41 enterprises are now ‘born’ for every one that goes out of business.

Average earnings decreased by 0.3% to £24,594, dropping the region four places in the rankings to tenth for overall average earnings – in fact, the North East was the only region to see a decrease in earnings. Household expenditure also decreased by 0.9% to £424 per week, the lowest in the country.

Despite this, millionaire numbers increased by 9.1% in the North East, from 11,000 in 2015 to 12,000 in 2016. Educational attainment also improved by 0.9% year-on-year, eighth in the UK.

UK Prosperity Map

The Barclays UK Prosperity Map is an in-depth view of the different prosperity drivers across the UK regions. The map compiles different measures gleaned from official data – including GDP, employment, enterprise figures, household expenditure and number of millionaires – to give an overall score for each region.

About this research

The UK Prosperity Map is an annual piece of research compiled by Opinium on behalf of Barclays Wealth & Investments. It ranks UK regions and cities in terms of their affluence. A Prosperity Index score has been calculated by Opinium for each UK city and region. In addition, data provided by Wealth-X calculates UK millionaire numbers. The index uses third party figures on the factors listed below: