Thames Valley: Reading ranks UK number one for productivity, says Centre for Cities

Reading has the most productive workforce in the country according to a new report published today. Cities Outlook 2015, produced by the think-tank Centre for Cities, ranks Reading number one in the UK for the economic contribution per worker (GVA*), with an average contribution of £70,900 per person to the economy.

The Cities Outlook report is the annual health-check of the economic performance of the United Kingdom’s 64 largest cities. The report defines Reading as the 'Greater Reading' area (Reading, Bracknell and Wokingham) and includes statistics about the levels of technological innovation, levels of employment, earnings and skill levels in the workforce and house prices.

Reading performs well against 12 of the criteria in the report, repeating 2014’s strong performance. Highlights include that Reading is fifth for start-up businesses, third for the number of businesses per population and second for the highest wages. In terms of the skills of Reading’s workforce, the economic area ranks second in terms of GCSE results and seventh for University-level qualifications.

Nigel Horton-Baker, executive director, Reading UK CIC, the economic development company for Reading, said: “The Centre for Cities report demonstrates the cumulative reasons that make Reading a powerhouse of the UK economy and such an attractive location for business and investment.

“The challenges for Reading are to ensure that we maximise the benefits of the current wave of investment in the town centre and that the benefits of this strong economic performance are shared by all sectors of society.”

Reading has the fifth lowest proportion of people with no formal qualifications (5.4%) and the fifth lowest unemployment rate of the 63 locations included in the report.

City Monitor Data 2015 (Centre for Cities)

Data set	Ranking	Number
GVA per worker	1	£70,900
Employment rates	5	77.2%
Average weekly earnings	3	£621
Business stock (businesses per 10,000 pop.)	3	409
JSA claimants (lowest)	5	1%
Highest qualifications	7	43.2%
5 GCSEs (A*-C)	2	66.6%
Business start-ups (per 10,000 pop.)	5	63.9
Knowledge intensive service jobs	4	24.5%

Reading has performed consistently well against key economic indicators. In 2014’s Cities Outlook Report Reading was ranked top for employment – the percentage of people in the labour market in employment, while in 2013, Reading ranked highly for new start-ups, an educated workforce, employment and salaries.

* GVA is Gross Value Added - a measure of the value of goods and services produced in an area.