Monitoring the impact of the recession on the regional economy

The Observatory supports the West Midlands Taskforce with data across key sectors.

Read the latest West Midlands monthly economic update report (February 2010) (pdf, 537kb).

Alongside the Observatory's continuing work on the medium to long term economic prospects, the economic downturn highlighted the importance of regular up-to-date analysis of short term leading indicators.

Since the middle of 2008, we have contributed to monthly briefings on emerging economic conditions. Through regular contact with regional Chambers of Commerce, Engineering Employers Federation, CBI, Office for National Statistics and regional agents from the Bank of England, we are able to collate the latest evidence and provide updates to partners.

Following the launch of the West Midlands Taskforce, Advantage West Midlands drew regional and local partners together to produce a monthly update on the region's economy. The Observatory plays an important role within this group, providing data across key sectors and reporting news of company announcements.

Looking ahead at the potential impact on the West Midlands, as well as individual local authority areas, is a critical part of identifying the key areas for intervention. As new information becomes available, economists are being forced to review their forecasts of the prospects for 2010 and beyond.

We prepared a summary of Prospects for the West Midlands Economy (pdf, 224kb), based on the situation in the summer of 2009.

This incorporates projections from the Observatory's integrated policy model, an important tool for examining the implications of the recession for local authorities in the West Midlands. The model enables the Observatory and our partners to look at a range of scenarios. The model has the flexibility to incorporate revisions to economic conditions and how they may impact across neighbouring local areas.

Our skills research team also provide a quarterly update on the implications of the recession on skills and labour market in the West Midlands.