Swindon train station

The Business Biscuit writes...

Swindon continues to have one of the best-performing economies in the country, according to a leading independent think tank.

The latest Centre for Cities Outlook report, published on Monday (January 29), provides an annual economic performance index of the 63 largest cities and towns in the UK and shows that Swindon is ranked seventh in Britain when it comes to the rate of productivity per worker – up three places from a year ago.

Swindon’s GVA (Gross Value Added) per worker is £59,500, higher than the national average of £56,600 and greater than that of cities such as Aberdeen, Portsmouth and Bristol.

Swindon is also outpointing many large towns and cities in terms of its employment rate. With an employment rate of 80.6 per cent, only Crawley (86.6 percent) and Worthing (83.1 percent) are ranked higher.

The town’s employment rate is also significantly higher than the national average of 74.2 per cent.

The continued high level of investment from private firms in the town has ensured that for each public sector job in Swindon, there are four private sector roles – the third highest rate in the country.

Skill levels are a key component of the success of a city economy, according to the Outlook report, and Swindon fares well in these indicators coming out with the fourth lowest percentage of residents with no formal qualifications (3.9 per cent). The national average is 8.3 percent.

Although Swindon is ranked seventh for house price increases (8.2 percent) the average price of a house in the Borough is still £54,800 lower than the national average.

Cllr David Renard, leader of Swindon Borough Council, said:

“These figures are hugely encouraging and it is great to see our town yet again posting such impressive economic figures".