Cornwall’s Economy

The current picture

Economic Headlines

• Small but growing economy – Growth rates for Cornwall and the Isles of Scilly’s economy have been high over the last decade. However it remains the second weakest economy in the country and the latest data for 2009 shows local economic decline from the recession has been worse than the national average.

• Very high self employment, but drop in businesses overall – There is a very high level of self employment locally – the fifth highest in the country. However, the overall drop in the number of VAT and/or PAYE Business profile registered businesses (-4.1% 2008-2011) reflects the local impact of the recession.

Headlines Cont.

• Unemployment is a mixed picture – Alongside Cornwall’s seasonal fluctuations in Jobseekers Allowance, unemployment levels have been variable.

• Population change sustains pressure on housing – Despite population growth easing in the last couple of years (following a period of high growth), sustained change in household type and numbers continues to place additional pressure on the housing stock locally keeping prices high.

Conclusions.

• Cornwall’s economy is struggling in the current recession

• The region is reliant upon small entrepreneurial businesses to grow the economy

• There needs to be a greater focus on vocational training post 16 in Cornwall.