North West

North West remains steady as eighth most prosperous UK region.

Measure

Results

Household wealth:

£186,200

GDP:

£21,867

Unemployment:

5.2%

Household expenditure:

£473 per week

House prices

£144,695

Exam achievements

56.6%

Hours worked:

33.4

Earnings:

£25,726

Business births/deaths

1.42

Insolvency rates:

20.4 per 10,000 population

Millionaire numbers:

43,000

The North West has held steady as the eighth most prosperous region, with a 3.0% year-on-year rise in GDP per capita, the greatest increase of any UK region. Manchester specifically saw a marginally higher increase in GDP per capita, of 3.4%.

The North West also saw an uplift in average annual earnings, which rose to £25,726 – an increase of 2.5%. House prices saw a 5% year-on-year growth, reaching an average of £144,695. House prices in Manchester grew by 7%, slightly higher than the wider region.

The North West was the only UK region to see an increase in SME turnover, up 15% – pointing to a booming local economy as a significant driver of prosperity. The wider region outperforms the metropolitan centre of Manchester, which actually saw a 6% decrease.

The North West moved up one to seventh place in its business birth-to-death ratio, increasing from 1.35 businesses created per company death to 1.42. In 2016, the North West saw 36,500 new business births, third in the nation for new business, behind London (100,920) and the South East (55,590).

The number of millionaires in the North West increased by 8.9% year-on-year to reach 43,000, outpacing the overall national growth rate of 7.6%.

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: