The Gross Domestic Product (GDP) in The West Midlands was worth an estimated £164 billion in 2019, according to figures published by the ONS. The West Midlands's GDP growth between 2018 and 2019 was 2.3% per year. Compare GDP by area.
The Health industry is the largest in The West Midlands based on the number of jobs, accounting for 13.4% of roles in the area.
2019 ONS figures suggest that there are 3,008,000 jobs in The West Midlands, which has a working-age (aged 16-65) population of 3,678,342. The 2019 job density in The West Midlands is 0.82, meaning there are 0.82 jobs per member of the The West Midlands working-age population.
The West Midlands had a mean average salary for full-time employees of £35,698 in 2021. The West Midlands's unemployment rate is 5.6% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in The West Midlands is 3,678,342 or 61.7% of the total population.
In 2021, 94.4% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 11.7% are self-employed, and 88.3% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the The West Midlands working-age (aged 16-64) population who have a degree or higher is 37.1%, which is below the 42.8% degree qualification rate for England.
Over 57% of the The West Midlands working-age population have at least 2 A-levels (or equivalent), and 8% have no qualifications.
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Main page: The West Midlands Salary
The average salary in The West Midlands as of 2021 is £35,698. Between 2020 and 2021, average salaries grew by £156. Compare average salaries by area.
The West Midlands's salary growth rate is 0.44% per year based on changes in average salary between 2020 and 2021, which is 0.44% higher than the average salary growth rate in The West Midlands over the past 9 years.
In The West Midlands, the highest average wages are found in Warwickshire where the average salary is £38,711 and the lowest average wages are found in Herefordshire, County Of where the average salary is £30,370. The difference in average salary between the two areas is £8,341 - the average person in Warwickshire earns 27.5% more than the average person in Herefordshire, County Of.
Business data published by the ONS in 2020 show the most common job group in The West Midlands is Administrative Occupations, accounting for 9% of all roles in the area. In England as a whole, the largest job group is Business & Public Service Assoc. Professionals.
The fastest-growing type of job in The West Midlands is Customer Service Occupations, with roles increasing 30% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Elementary Administration & Service Occs||229,200||8.3%||-16.1%|
|Caring Personal Service Occupations||221,900||8.1%||4.9%|
|Business & Public Service Assoc. Professionals||216,200||7.9%||21.5%|
|Corporate Managers And Directors||212,700||7.7%||0.6%|
There was a 1% decrease in roles between 2019 and 2020. In England as a whole, there was a 2% decrease.
Based on the total number of jobs, the largest industry in The West Midlands is Health. Other major industries include Manufacturing, which represents over 10% of roles in The West Midlands.
Financial & Insurance companies make up 2% of the The West Midlands economy that's lower than the average for England as a whole (~3%).
3% of the total jobs in The West Midlands are in Information and Communication, one of the key sectors for the future, below the 5% of jobs in England as a whole.
|Business Administration & Support||252,000||9.5%|
The fastest-growing industry in The West Midlands is Information & Communication, with jobs in the sector increasing 9% between 2019 and 2020 from 67,000 to 73,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in The West Midlands between 2019 and 2020 was Accommodation & food services, which saw an 17% decrease in roles, going from 196,000 to 163,000. In England more broadly the industry with the biggest year on year decline was Arts, entertainment & recreation, with roles decreasing by 8%.
The Information and communication industry includes many of the top companies of the future. In The West Midlands, the number of roles in this sector has risen by 9% over the past year, above the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 935 large businesses in The West Midlands, making up 0.4% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 3,365 medium-sized businesses based in The West Midlands, making up 1.5% of total businesses - in England, 1.5% of businesses are medium-sized. A medium-sized business is defined as having between 50 and 249 employees.
There are 18,760 small businesses based in The West Midlands, making up 8.6% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
The West Midlands's unemployment rate is 5.6% that's 0% higher than the average unemployment rate for England as a whole. Unemployment rates are the number of unemployed people as a percentage of the working-age population.
The main group within the unemployment population is Student, representing 29.3% of the unemployed population.
Secondary classifications include groups: looking after family, long-term sick, retired, other, all of which represent over 10% of the unemployed population.
In England as a whole, students are the main group within the unemployed population, accounting for 28.9% of the unemployed population.
Source: Office for National Statistics licensed under the Open Government Licence v.3.0. Contains OS data © Crown copyright and database right 2021. Data sources: ONS Local statistics