Tuesday, 11 December 2012 19:25

Economic indicators largely unchanged

Written by  Ruralcity Media
Economic indicators largely unchanged

RURAL economic indicators were largely unchanged during the third quarter of 2012 – although the rate of redundancies increased.

Rural unemployment (4.8%) and rural business insolvencies (0.7 per 1000 businesses) saw no change between July and September 2012, according to the latest figures.

The rural unemployment rate is four percentage points lower in rural areas than in urban areas, which climbed to 8.8% from 8.6% during the third quarter of the year.

But rural redundancies during the same period increased to 5.7 from 5.4 per 1000 workers. At the same time, urban redundancies fell to 5.3 from 6.3 per 1000 workers.

In all, 22,000 people living in rural areas were made redundant during the third quarter of 2012 – some 2,000 fewer than during the same period in 2011.

The year-on-year redundancy rate in rural areas also decreased from 6.1 redundancies per 1,000 in Q3/2012, whilst the redundancy rate in urban areas decreased from 5.8 to 5.2.

The statistics are included in the latest edition of DEFRA's rural economic bulletin.

They are used to assess the impact of the economic downturn on rural areaI

Indicators are selected for their relevance, ability to be updated regularly and to give a timely indication of the economic situation.

They are based on the nationally agreed rural/urban definition.

The latest indicators show that average house prices increased in both rural and urban areas during the third quarter.

Average prices in rural hamlets and rural villages have been consistently above the average found in urban areas – by 22% and 47% in Q3/2012 respectively.

Since 2009, average house prices in rural town & fringe areas have been lower than the average found in urban areas and were lower by 10% in Q3/2012.

The average rural house price was £271,600 in quarter three (6% higher than in Q2). The average urban hose cost £249,600 in the same period (5% higher than in Q2).

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