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Economy

• The South West economy is forecast to grow at an annual average rate of 2.6% between 2008 and 2012. Growth is expected to be fastest in financial and business services, transport and communications and distribution, hotels and catering.
• Public services account for approximately 24% of the regional economy, more than any other sector. Financial and business services account for a further 22% of activity, but this is relatively low by national standards.
• The South West economy was worth £85bn in 2006, equivalent to approximately 8% of the UK total.

Output

• Worth £6.7bn in 2006, in 2000 prices. Construction in the South West accounts for around 8% of the UK total.
• Output is forecast to grow at an annual average rate of 0.5% between 2008 and 2012.
• Rapid expansion in the commercial sector fuels growth in the early part of the forecast period as work accelerates on the Broadmead Shopping Centre and the Queen Alexandra Hospital redevelopment.
• Construction output growth in the South West is forecast to be below a national average of 1.7%.

Employment

• Total construction employment of 209,550 in 2006 in the South West is forecast to rise to 227,690 in 2008 and 237,520 in 2012.
• To meet this demand, after taking account of those entering and leaving the industry, 5,980 new workers will be required to join the industry each year.
• Construction professionals and technical staff and wood trades and interior fit-out are expected to have the largest annual requirements.

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