Key Stats Economy Employment rate % Get Oldham Working 2.6 Percentage points Labour Market and Skills Level 3 Qualifications % NEET % 1,050 New Jobs Filled Since launch Business 0.7% New businesses in Oldham Business start-up rate 17.7% Infrastructure 230 Metrolink Passengers Average house prices 35.5% 14.8% 2.2%
Labour Market Rates of Worklessness continue to fall The latest figures show that worklessness in Oldham has decreased by 7.8% during the last 12 months. Worklessness Worklessness is a term used for people involuntary excluded from the labour market and in receipt of an out of work benefit. This includes unemployment (Job Seekers Allowance Claimants and those unemployed claiming Universal Credit), Lone Parents claiming Income Support and Employment Support Allowance (ESA)/Incapacity Benefit Claimants. Data derived from the Department of Work and Pensions (DWP) shows that as of November 2014 there were 18,978 out of work benefit claimants in Oldham (4,218 Unemployed, 11,870 ESA/ Incapacity Benefit, 2,360 Lone parents in receipt of Income Support and 550 other income related benefits). This represents a worklessness rate in Oldham of 13.5%, the 4 th highest rate across Greater Manchester and significantly higher than the national average of 9.5%.Over the last 12 months, the proportion of out of work claimants has reduced in Oldham (-7.8%), GM (-8.4%) and England (-8.3%). Unemployment Whilst in aggregate over the last year unemployment has been falling (-28.1%), it is now apparent that the previous downward trend has reached a plateau. The unemployment rate in Oldham currently stands at 3.1%, the highest rate across Greater Manchester and significantly higher than the national average (1.8%). Levels of unemployment this month in Oldham have remained static (0.0%), whereas across Greater Manchester (-0.3%) there has been a minimal decrease. Nationally, Unemployment has continued to fall (-2.7%). Source: DWP June 2015 Employment High levels of employment are a key indication that an economy is in good health. Oldham (63.6%) currently has the 8 th highest employment rate within Greater Manchester, and is significantly lower than the national average (72.5%). This reduction is primarily a result of the large fall in unemployment, along with the smaller decrease in Lone Parent claimants. In contrast, rates of ESA/Incapacity benefit claimants have shown an increase over the last 12 months. The employment rate in Oldham over the last 12 months has decreased by 2.6 percentage points from 66.2% to 63.6%, whereas across GM and England the Employment rate has increased by 1.5 and 1.0 percentage points respectively. Source: Annual Population Survey 2014 Source: DWP November 2014
Labour Market and Skills Get Oldham Working Campaign making strides The latest figures show that the Get Oldham Working Campaign has secured 2169 work related opportunities since its launch. Sanctions Between Oct 2012 and Dec 2014 there have been 9,885 JSA claimants in Oldham sanctioned. During December 2014, 173 JSA claimants were sanctioned. The rate in Oldham (7.1%) is significantly higher than the rates across Greater Manchester (4.9%) and England (4.0%). While numbers sanctioned for JSA claimants have fallen over time, this is largely the result of falls in overall JSA numbers as the sanctions rate remains high. Benefit sanctions for Universal Credit claimants have also become more prevalent but as yet no data has been made available by DWP. However, to provide an estimate, if a similar sanction rate is being imposed to UC claimants as those on JSA, then approximately 150 Universal Credit claimants will also be in receipt of a sanction each month. NEET There are 465 young people aged 16-19 not in any education, employment or training. This represents a NEET rate of 5.3%, which is higher than the national rate of 4.8%. This time last year there was only 395 NEET (4.6%) a significantly lower number. Source: Positive Steps April 2015 Source DWP 2014 Adult Skills While adult skills in Oldham have also improved in recent times, there still remains a large gap to the GM and national averages. As of 2014, 42.8% of the working age population in Oldham had a level 3 qualification or above, significantly lower than the GM (53.3%) and England (56.5%) averages. School Leavers Attainment levels for young people in Oldham have been improving over the last few years but there still remains a gap to the national averages. As qualifications are one of the most important determinants of socio-economic outcomes, it is therefore essential for young people to remain in education after leaving school in Year 11. In 2014, over 9 out of 10 leavers (91.3%) in Oldham remained in full-time education. This has increased from 90.4% in 2013. Source: Positive Steps April 2015 Improving the skills base will allow residents the opportunities to access the more skilled and therefore more lucrative new jobs. As of June 2015 There are currently 11,029 Lifelong Learning enrolments in Oldham, this is compared to 11,792 this time last year. Source: Annual Population Survey 2014 and Oldham Council 2015 Get Oldham Working Since its launch in May 2013, the Get Oldham Working (GOW) campaign has created 2597 work related opportunities for local people (1,438 jobs and over 400 apprenticeships). As of May 2015 close to 2,000 of these opportunities have been filled including over 1,000 jobs. Source: Oldham Council 2015
Business Base More Businesses are coming to Oldham Latest figures show that there are 5,470 Businesses in Oldham, an increase from 5,240 (4.4%) in 2013. Business Sectors Oldham's economic strength historically was in manufacturing. However, given large scale deindustrialisation and restructuring of the economy, as of 2013 the Health Sector is now the largest, employing around 13,000 people. This sector has continued to show growth since 2009. The business services sector has been the other major contributor to job growth in Oldham, particularly within the real estate industry as well as within employment agency activities. This sector currently employs around 10,500 people. Retail along with Manufacturing has been the sectors most recently where significant job losses have occurred. Source: Business Register Employment Survey 2013 Number of Oldham Businesses Oldham s business base is beginning to show more resilience as it recovers from the previous recession. Oldham is currently home to around 5,470 active businesses, which have started to increase since 2011.This positive increase is a combination of more local start-ups and a healthier survival rate of current businesses in Oldham. In Oldham there are currently 42 business startups per 10,000 population, which has increased from 31 per 10,000 population the previous year. However, start up rates in Oldham are still lower than across GM (54 per 10,000 population) and England (57 per 10,000 population). Source: ONS IDBR/Business Demography 2013/14 Business Announcements New openings Over the last month, several new businesses have opened in Oldham Town Centre. These include: Heist (Male Clothing), TSNF Shoes (Shoe Shop) and The Mobile Doctor (mobile phone repairs). Opening Soon Businesses projected to open in Oldham in the next few months. These include: TJ Hughes (Department Store), The Entertainer (Toy Shop) Warren James (Jewellers), and Jacks Smoke House (Restaurant). Business Vacancy Rates As of May 2015, there are 143 vacant properties in Oldham Town Centre. This represents a vacancy rate of 16.6%. Over the last 12 months, the vacancy rate has increased slightly from 16.0% in May 2014. Source: Oldham Council 2015 Business rates in Oldham Over the last year there has been a positive trend in the number of commercial properties paying business rates in Oldham. As of April 2015 there were 7,584 properties, (with a rateable value of 156.5M), which is marginally higher than the 7,524 paying business rates during May 2014. Source: Unity Partnership April 2015
Infrastructure Increase in Metrolink numbers The latest figures highlight that Metrolink is having an immediate positive impact in Oldham. There are currently around 8,000 passengers start or finishing their journeys in Oldham each day. Metrolink Passenger Numbers As of March 2015, around 8000 passengers start or finish their journey in Oldham each day. Data provided by Transport for Greater Manchester (TFGM) shows that passenger numbers using the new Oldham/Rochdale Metrolink line have been gradually climbing since the tram opened in January 2013. A large proportion of Metrolink passengers use the tram to commute to work, with higher numbers accessing the tram stops located to the east of the town centre, particularly Shaw and Crompton Derker and Oldham Mumps, all of which have Park and Ride facilities. House Prices As of April 2015, the average house price in Oldham totalled 81,176, significantly lower than the GM average of 108,630 and the England & Wales average of 179,817. Over the last 12 months property prices in Oldham have shrunk by -2.2%, whereas across GM and England & Wales they have increased by 2.8% and 5.1% respectively. Source: Land Registry 2015 There is also a distinct seasonal pattern, with passenger numbers spiking each December, no doubt impacted by Christmas shoppers using the Metrolink. House Sales Metrolink will continue to increase the spread and appeal of the borough to skilled and higher-earning commuters and will link residents in areas historically poorly served by public transport with employment, retail and leisure destinations throughout the conurbation. Source: TFGM 2015 Land Registry house sales data reveal that there were 191 properties sold in Oldham in February 2015, exactly the same number as the previous year. However across GM and England & Wales there have been annual decreases in house sales of -10.8% and -16.8% respectively. Source: Land Registry 2015 Vacant Households As of February 2015 there were 3,600 (4.0%) vacant properties in Oldham. This is lower than 12 months ago when there were 4,079 (4.3%) households vacant. Source: Oldham Council Tax 2015 Report Prepared by Jon Taylor Business Intelligence Service