It is encouraging to read that York is predicted to be the fastest growing city in the Yorkshire Region in 2018. The UK Powerhouse report produced by Irwin Mitchell & The Centre for Economics & Business Research put York just outside the top three in terms of GVA Growth in Q3 of 2017 but places the city at the head of the queue for its 2018 forecast.
Delivering that growth is the next step and we can help your business to contribute to that growth. If you are planning to invest in your business in 2018 then please get in touch and our Business Support team will be happy to explain many of the options to you. There are a number of grant & loan options available to York businesses to help with investments in assets such as premises, equipment, machinery & people. Our free service will quickly clarify what is and isn’t appropriate for your business and then work with you to help give your application the best chance of success.
Here’s the article in full courtesy of TheBusinessDesk.com
The report revealed that Rotherham’s GVA growth of 1.8% across Q3 2017 made it the eighth fastest-growing city economy in the UK. It was joined in the top ten with Hull, which recorded a rate of 1.8%, while Wakefield also had a rate of 1.7% across the same period.
York was only slightly behind on GVA growth of 1.6%, but it took fifth position in the employment league table with growth of 1.1% and has also been predicted to be the region’s fastest growing city in 2018.
However, there was less good news for Leeds and Sheffield, with the two cities lagging behind regional rivals in terms of the Q3 2017 results and forecasts for the year ahead.
Dorrien Peters, partner and head of business legal services at Irwin Mitchell’s Sheffield office, said: “The rate of growth seen in Rotherham, Hull and Wakefield is a great testament to the excellent work being done by businesses across Yorkshire.
“The location of the University of Sheffield’s Advanced Manufacturing Research Centre in Rotherham and its success attracting investment from the likes of Boeing and McLaren makes a significant difference to the assessment of Rotherham’s performance against its peers. While there has been less good news for Leeds and Sheffield, the study has still emphasised that those cities are home to impressive education sectors which contribute a significant amount to their economies.
“Our latest Powerhouse Report shows that Rotherham’s impressive growth is a huge testament to the vision of our universities, together with Rotherham and Sheffield, to build a world class Advanced Manufacturing Innovation District. It is a decision that is supported by the hard economic data that shows the worth of manufacturing and education to the wider Sheffield City Region.”
This edition of UK Powerhouse examines the impact that the education has on city economies across the UK, with Leeds’ education sector being the fourth largest in the UK. Valued at £364.8m, it also grew by 5% between 2012 and 2015 and makes up 7% of the city’s total GVA.
Sheffield took seventh place in the league table with a GVA of £304.3m which has an 11% share of the total city GVA. Both Leeds and Sheffield were also within the top six education employers in the UK, employing 44,717 and 34,948 respectively.
The report notes the education sector makes a major contribution to economic growth within many areas surrounding universities and also offers recommendations on how it can continue to do so. These include:
· Engaging in the work of Local Enterprise partnerships, particularly in support for innovation
· Ensuring cities with a strong outflow of graduate age young workers have policies for retaining talent, with the Government also providing incentives for graduate recruiters to hire more in those areas
· Encouraging cities to improving infrastructure to optimise the movement of workers
· Introducing large-scale affordable housing projects to appeal to graduates.”