Supporting business to grow trends - Globally connected - Council Plan 2016-17 End of Year Performance Report - Coventry City Council
Read Coventry City Council's 2016/17 End of Year Performance report online at smarturl.it/CovPerf1617
Regional GVA measures the economic value generated by any business unit engaged in the production of goods and services. Coventry’s GVA grew by 1.2% in 2015 compared to the England rate of 3.0%. An increase in GVA can be due to a growth in the number of businesses, activity, or productivity. In Coventry, productivity has been stagnant but there have been a growth in the number of businesses.
GVA per head divides overall GVA by residential population.
It is often used as a basic (but imperfect and limited) measure of
productivity. Coventry’s GVA per head remains notably lower than England overall (£26,159). While the city’s overall GVA increased, the per head figure decreased because the local economy grew slower than its population. The city’s population is fast-growing and this is partly being fuelled by the growth of the local universities, and the majority of students are economically inactive.
Business rates are worked out based on a non-domestic property’s ‘rateable value’. The total rateable value of non-domestic properties in Coventry increased by £0.7m this year but remains stable overall. This suggests that any growth from new properties or those with increased rateable value has been neutralised by those removed from the list or received a reduced rating. The rateable value is before any exemptions, rebates or refunds and so it differs from what the Council collects. In 2016/17, 97.8% of collectable business rates were collected – same as in 2015/16.
The city gained 670 active enterprises in 2016, up from 8,835 last year. The strong growth continues a trend over the past few years and has been driven by increases in new business start-ups. However, Coventry began from a lower starting point – and the number of active enterprises per head of population remains lower than the WMCA area, Warwickshire, or England.
Supporting business to grow trends - Globally connected - Council Plan 2016-17 End of Year Performance Report - Coventry City Council
Read Coventry City Council's 2016/17 End of Year Performance report online at smarturl.it/CovPerf1617
Regional GVA measures the economic value generated by any business unit engaged in the production of goods and services. Coventry’s GVA grew by 1.2% in 2015 compared to the England rate of 3.0%. An increase in GVA can be due to a growth in the number of businesses, activity, or productivity. In Coventry, productivity has been stagnant but there have been a growth in the number of businesses.
GVA per head divides overall GVA by residential population.
It is often used as a basic (but imperfect and limited) measure of
productivity. Coventry’s GVA per head remains notably lower than England overall (£26,159). While the city’s overall GVA increased, the per head figure decreased because the local economy grew slower than its population. The city’s population is fast-growing and this is partly being fuelled by the growth of the local universities, and the majority of students are economically inactive.
Business rates are worked out based on a non-domestic property’s ‘rateable value’. The total rateable value of non-domestic properties in Coventry increased by £0.7m this year but remains stable overall. This suggests that any growth from new properties or those with increased rateable value has been neutralised by those removed from the list or received a reduced rating. The rateable value is before any exemptions, rebates or refunds and so it differs from what the Council collects. In 2016/17, 97.8% of collectable business rates were collected – same as in 2015/16.
The city gained 670 active enterprises in 2016, up from 8,835 last year. The strong growth continues a trend over the past few years and has been driven by increases in new business start-ups. However, Coventry began from a lower starting point – and the number of active enterprises per head of population remains lower than the WMCA area, Warwickshire, or England.