The importance of the productivity of market towns to East Cambridgeshire.
MEASURING EAST CAMBRIDGESHIRE GVA AND PRODUCTIVITY
The Cambridgeshire and Peterborough Independent Economic Review (CPIER), Final Report, September 2018 made several key recommendations set around the measurement and impacts of growth. The CPIER report also sets out the aim of doubling GVA by 2040 within the Cambridgeshire and Peterborough Combined Authority. The report also details that future growth will have to involve elements of both employment growth and productivity growth, with the dial pushed firmly in the direction of productivity improvement.
This mapping highlights growth and productivity of three market towns (Littleport, Ely and Soham) within the district of East Cambridgeshire. The methodology has been designed to be consistent and may be applied across all LSOA's (lower Super Output Areas) of the UK and sets out to measure growth through, jobs, industry sector, productivity and gross value added (GVA).
However, as the CPIER final report states ‘measuring GVA is not straightforward. It is important to stress that the assessment of GVA must be real and not nominal. That is, inflation will tend to increase the ‘face value’ of the economic output of the area regardless of whether real economic output has increased or not.’
We, therefore, use the preferred ONS method of measuring GVA (balanced), which considers both ‘income’ and ‘production’ factors. In order to output real measures, the methodology applies ‘production deflators’ to the GVA measurement.
Data is sourced from ONS and NOMIS and is set at the 2017 data for consistency.