Page 86 - Minutes of meeting

The Productivity Challenge

Summary of the Economy

In 2018 Approximately 33,000 people are employed in Barrow, up 3.1% from five years previously. The Barrow Town Deal area
(BTD) accounted for at least 28,000 jobs (84% of the borough’s total in 2018). Barrow has a below average job density, at 0.8
jobs per resident aged 16-64 relative to 0.87 in England. The town hosts 1,925 businesses, but in contrast to national trends has
experienced a contraction in the business base of -4.2% over the past five years.

Barrow generates a GVA of £1.53** billion per annum, which equates to £60,400 per FTE. Although this exceeds Cumbria’s GVA
per FTE of £53,300, it is comparatively lower than the national average of £66,300.

Summary of the Barrow Economy

Barrow Cumbria England

Total jobs, 2018 33,000 276,000 26,842,000

Job Density (Ratio of total jobs to 16-64 residents) 0.80 0.93 0.87

Employment change (2013-2018) 3.1% 3.4% 10.7%

No. of Businesses, 2019* 1,925 23,670 2,360,800

Business change (2015-2019)* -85 (-4.2%) 1.2% 11.6%

GVA, 2018** £1.53 billion £10.27 billion £1.42 trillion

GVA per FTE worker** £60,400 £53,300 £66,300

Productivity growth (2014-2018)** 13.5% 4.7% 9.5%

Source: BRES, ONS, 2019; UKBC, ONS, 2019; Regional GVA (Balanced), ONS 2019 * Figures rounded to the nearest 100.** Real estate activities removed.