With a strong economy and employment rates up, Coventry saw productivity rise by 3.3% compared to a 3.1% nationally.
Figures reported in the One Coventry Council Plan also show that the city continues to innovate with the second highest number of patent applications.
Commenting on the figures Councillor Jim O’Boyle cabinet member for jobs and regeneration said, “These figures say a lot about the city, and I’m pleased that our productivity is outstripping the national trend and that patent applications are second only to Cambridge.
“We know that people who live and work here are innovative and ambitious – it’s an ambition we share. But there is still more to do – especially around ensuring that people with barriers to finding work get the help they need so they can do the jobs on offer.
“Having a job changes everything so our work to help ensure local people have the skills they need to do the jobs that are being created is very important.
“We are also working hard with local businesses and over the last five years we have invested over £10.5m of grant funding to create over 1,000 jobs and protect many more.
Coventry businesses are well placed to benefit. This is evidenced by companies such as ParentPay, Bladon Jets and Expert Tooling, who have all shown significant growth in turnover and employee numbers in recent years.
Impression Technologies, based at Lyons Park have benefited from ERDF grant support to help them innovate and earlier this year they were able to make improvements to one of their Hot Form Quench patented processes. They also expect to create six new jobs.
Jonathan Watkins, CEO of Impression Technologies Ltd said “We are in the business of innovation and we recognise the need to compete on a world stage. In a rapidly changing and competitive marketplace we need to ensure we continue to invest in people and development. Coventry is a great place to do business. With its highly skilled workforce and two universities we can recruit the high-quality people we need, and these factors have helped to ensure we have seen our productivity rise.”
Coventry City Council is working with partners to develop new schemes which can support local businesses with a focus on small and medium sized businesses.
Regeneration work in the city will also focus on local skills and provide jobs and training opportunities for local people.