Telford faces “significant challenges” ahead as the company charged with transforming the town unveiled the first ever report of its kind showing the economic landscape of the region.More than 90 representatives of companies and commerce organisations attended the Telford Business Review to hear how the town is performing against its neighbours in the West Midlands and nationally.

Peter Roach, chairman of economic regeneration company Transforming Telford which hosted the event, said the company had met most of its first year targets and was pushing ahead with some complex projects, including The Round development at Telford Town Centre and the re-establishment of the Wolverhampton Telford Technology Corridor.

He said: “Change does not happen overnight, change takes time, but transformation is definitely taking place.

“The most significant achievement so far would be the creation of the company itself but significant challenges still lie ahead of us.”

Anne Taylor, Transforming Telford’s director of business and investment, presented the results of the Telford & Wrekin Economic Baseline study, commissioned to help understand trends in Telford’s economy performance.

The study found that Telford’s contribution to the UK’s economy was higher than that of the West Midlands region.

“That is down to our manufacturing base, and that’s good for us although we have to be careful as our rate of growth is slower,” she said. “Our employment rate is also well above the national average at 74.5 per cent and our unemployment rate is well below the average at 2.1 per cent.”

The figures revealed that the average household income for Telford was about £34,000, behind a West Midlands regional figure of £35,000.

However, average pay by workplace showed a £422 gross weekly wage.

“We are not a low wage economy in Telford,” she said. “However, it is good news for men but not for women, who are still paid less than their male counterparts.”

The study also looked at population growth, life expectancy, house building stock and job growth prospects.

Telford economy facts:

• The average annual household income is £34,384
• The average gross weekly pay is £422.10
• 66.7 per cent of people travel fewer than six miles to work
• 10 per cent of the population are self-employed
• 24.5 per cent of employment is in manufacturing
• Unemployment is 2.3 per cent, below the national average

By Business Editor Amy Bould