Sutton continues to survive the recession.
At the meeting of the Housing, Economy and Business Committee on 18 September Richard drew attention, during a discussion on economic trends in Sutton, to a number of indicators of good economic performance.
House prices in Sutton in June of this year were 2.9% up on the figure for a year previously, with the average price of a house sold in Sutton standing at £ 246 449. This is very slightly down on the figures for the previous two months, with the peak figure being in April (£ 246 935). Rising house prices are taken to be a sign of buoyancy in the local economy, though Sutton remains an area of London that has a comparably large amount of housing that people can afford.
Other indicators paint a varied picture, but with most showing that Sutton is surviving the recession well.
For example:
The unemployment rate in Sutton, measured by the proportion of the working age population claiming Job Seekers Allowance, is 2.7% compared to a London average of 4.1%.
The economic activity rate (percentage of the working age population that is economically active) is 78.3%, above the London average of 75.1%.
The number of unfilled job vacancies locally is over 50% higher than a year ago, an indicator of strong local growth, though at 869 vacancies are well below the numbers unemployed (3391 claiming JSA).
The percentage of empty properties, Borough wide, is over 1% down on the figure for a year ago.
Sutton will be bolstered by the decision of businesses in the town centre to vote in favour of the establishment of a Business Improvement District, which will bring more money into Sutton town centre. This will support the Council’s “Opportunity Sutton” programme to attract inward investment, promoting Sutton as one of the few metropolitan centres in south London with a skilled workforce, available industrial and office sites, good transport links, a pleasant suburban environment and low crime.
Richard drew attention to a firm he had visited in Sutton South Ward, Synergy UK, that has been very successful as a recruitment and training adviser. The firm has grown from nothing to employ over 40 people locally, in just a few years. Aside from providing a service to its clients it takes young people from unemployment into training, providing a City and Guilds qualification in social care work, and finds them jobs.
Richard said “I believe Sutton has great strengths. It is a good place to live and people locally are finding work, despite the recession.”