Our progress

What do we want to achieve and how are we doing?

What are the targets?

The North East Strategic Economic Plan (SEP) sets out six economic target for the region. We measure progress against these on a regular basis. Progress towards these targets are below.

Target: Increase the number of jobs by 100,000 by 2024

We are working with partners to develop a more competitive economy for the North East, helping to create more and better jobs for everyone.

Progress: By June 2017 the number of jobs in the North East had increased by 47,600 since 2014.

Target: 70% of all jobs created from 2014 will be better jobs

Better jobs are defined as managers, directors and senior officials; professional occupations (such as civil engineers and doctors); and associate professional and technical occupations (such as laboratory technicians and graphic designers).

Progress: Of the 47,600 additional jobs since 2014, 76% – or 36,400 – are ‘better jobs’.

Relative targets

The next four targets are all relative targets – where the aim is to reduce the gap in the North East’s performance against a better performing area. As the North East is a region within England, England would be the most obvious benchmark to choose.  However, as London plays a disproportionate role in English performance and has a different structure to the rest of the English economy, ‘England excluding London’ has been chosen instead as the benchmark.

Target: Reduce the gap in private sector employment density by 50% by 2024

There are fewer private sector jobs per head (16-64 population) in the North East than in England excluding London and the target is to reduce this gap by 50% by 2024.

Progress: By 2015, the gap between the North East LEP area and England excluding London had reduced by 16%.

Target: Close the gap in the employment rate for people aged 16-64 by 50% by 2024

It is important that North East residents are benefiting from the additional jobs created.  If this was happening, we would see the proportion of people in the North East LEP area with a job increasing. This is known as the employment rate and the employment rate is lower in the North East LEP area than in England excluding London.

Progress: By June 2017, the gap between the North East LEP area and England excluding London had reduced by 21%.  

Target: Reduce the gap in economic activity for people aged 16 – 64 by 50% by 2024

The economic activity rate measures the proportion of people aged 16-64 who are actively participating in the labour market, including both those employed and those out-of-work but actively seeking a job. It provides a wider measure of what is happening in the labour market.  Again, the economic activity rate is lower in the North East LEP area than in England excluding London.

Progress: By June 2017, the gap between the North East LEP area and England excluding London had reduced by 21%.  

Target: Reduce the gap in GVA per full time equivalent by 50% by 2024

Gross Value Added (GVA) measures the contribution to the economy of each individual producer, industry or region in the United Kingdom.  GVA per full-time equivalent (FTE) job is a way of measuring the productivity.  Again, the GVA per FTE is lower in the North East LEP area than in England excluding London.  

Progress: By 2015, the gap between the North East LEP area and England excluding London had grown by 9%.

FAQS

Where can I find out more about the targets in the Strategic Economic Plan and how we are performing against them?

You can find information on all of our targets here. The North East LEP is constantly reviewing progress against the targets as new data emerges and publishing regular updates on the news section of this website.

How was the SEP developed?

The first version of the Strategic Economic Plan was published in April 2014. It followed on from the North East Independent Economic Review and set out a high level vision for the economy and included investment programmes for Local Growth Fund and European funds which were available at that time.

The SEP was refreshed during 2016 and launched in March 2017 following an extensive consultation involving businesses and economic partners. The refresh process enabled the region to reflect on new economic data following the end of the recession and the changing economic policy environment including the decision to leave the European Union.

What is the plan?