Unemployment is at its lowest level for many years. At the end of last year, official national statistics showed that the labour market finished a record breaking year with unemployment down by over 100,000 people and the unemployment rate running at 4.8%. Employment has consistently been running at an all-time high and there continues to be 31.8 million people in work, up by 2.7 million since 2010. In Camborne and Redruth, the number of claimants has nearly halved from 3.8% of the economically active population in 2010 to 2.3% in November 2016.
Locally, we have much to celebrate but there remains a lot to do. We must strive to continue to improve the support we offer to local people to help them back into work.
I do not want us to underestimate the significance of apprenticeships and training. Cornwall College is the most successful provider of work based learning in the South West. Over a thousand apprentices are currently training in areas such as plumbing, carpentry and engineering. Last year, Ofsted praised the college as a catalyst for improving skills in Cornwall.
For too long, many of our brightest young people would leave Cornwall in search of new work opportunities. Now, as we continue to attract new industries and skilled jobs to Cornwall, it is vital that we continue to develop skills so that young people can take advantage of the new opportunities being created. As new companies arrive I want to see them become successful and profitable enough to offer higher wages so that we encourage people to take work and stay in work.
Economic regeneration and job creation have always been two of my top priorities. The Kresen Kernow archive project is progressing, the development of South Quay signals good news for the local economy, the East-West link road is unlocking Tuckingmill for development and facilities like the Pool Innovation Centre and Barncoose Gateway have attracted new businesses and start-ups to the area.