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

An in-depth view of prosperity drivers across the UK

Scores per region, gleaned from official data – including GDP, employment, enterprise figures, household spending and number of millionaires.

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: