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The borough's economic headlines

Headline statistics - November 2022

 

Total number of claimants in the borough:

3,960

Number of employees in Telford and Wrekin:

90,800

Number of business births in 2020:

1,102

Telford and Wrekin's Gross Value Added (GVA) in 2020:

£25,729 per head

Number of business deaths in 2020:

625

Total number of residential property sales in 2020:

2,407

Average price for a property in August 2022:

£222,703

Average montly rent in the year ending March 2022:

£633

Explore our economic data

 

As at October 2022, there are 3,960 claimants in the borough. This equates to a claimant rate of 3.5%, which is lower than both national and regional rates.

In 2021, there were 90,800 employees in Telford and Wrekin, this is a 4% increase from 2020. 'Manufacturing' and 'Wholesale and retail trade; repair of motor vehicles and motorcycles' are the largest industry sectors, both making up 15.4% of the workforce.

Between 2020 and 2021, the median weekly wage has increased for all workers by 2.5%, though the wage remains lower than regional and national averages.

In 2020, there were 1,105 business births and 625 business deaths in Telford and Wrekin. This equates to a birth rate of 16.7%, which is higher than both regional and national rates, and a death rate of 9.4%, which is lower than regional and national equivalents.

Telford and Wrekin's GVA in 2020 was £4,665,000,000 or £25,729 per head. This is slightly above regional, and below national GVA per head figures.

For the year ending December 2020 there were 2,407 residential property sales in the borough and properties remained more affordable than those regionally and nationally.

The average price paid for a property in August 2022 was £222,703 and average monthly rent was £633 for the year ending March 2022, both of which are below regional and national averages.

If you would like to understand more about the specific data held within the headlines, get in touch with the Insight team, who will be happy to help, please email insight.team@telford.gov.uk.