Introduction
3.1 Labour is one of the principle resources fuelling economic production. Utilisation and deployment of labour are critical to both the region's economic success and its residents’ well-being. Human capital drives forward the region’s economic and productivity growth, while income derived from employment is the primary mechanism for improving most people’s standards of living.
3.2 This labour market chapter examines the human input element of the regional economy. It details the current state of South West England’s labour market, placed within a national context. The analysis charts change over time and also looks at variation in participation both socially and geographically.
3.3 This chapter is set out in two sections - labour supply and labour demand. The supply section explores the nature of the SW population’s demographics and economic participation using various labour market indicators. The demand section looks at the industrial and structural composition of the regional labour force. It examines the earnings trends resulting from the balance of supply and demand in the labour market and overall utilisation patterns.
3.4 Where possible, the most recent labour market data have been used. However, more detailed figures, particularly at sub-regional level, are less up-to-date.