Hull and Rotherham enjoyed a strong end to 2017 to maintain their positions as the fastest growing city economies in Yorkshire, according to a new report.
The UK Powerhouse study is produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr) and provides an estimate of GVA growth and job creation within 45 of the UK’s largest cities 12 months ahead of the Government’s official figures.
Published this month, the report revealed that Hull is eighth overall in terms of GVA growth after recording a rate of 1.5% in Q4 2017, while Rotherham’s rate of 1.4% across the same period meant the city ranked just outside of the top ten.
In terms of employment, Wakefield was ranked seventh with its annual growth rate of 0.8% taking the number of people in work to 153,500.
The study also looked at the future prospects for growth and highlighted that York is predicted to rise up the employment rankings and reach 13th by Q4 2018, a position which would see it sit just behind Wakefield.
Dorrien Peters, partner and Head of Business Legal Services at Irwin Mitchell in Sheffield, said: “This latest report highlights how both Hull and Rotherham were able to maintain their strong performance in terms of GVA growth across the final few months of 2017.
“Manufacturing is sure to have played an important role in terms of Rotherham’s figures, with the Advanced Manufacturing Park just outside of the city being a vital hub of activity.
“Wakefield’s employment growth and the predicted performance for York this year is also welcome news, although at this point the long-term expectations for the region will be viewed by many as a cause for concern.”
Looking ahead, the long-term prospects for all of Yorkshire’s cities are less bright with all of them expected to lag behind other rival cities in terms of employment and GVA growth by 2028.
Victoria Brackett, chief executive of Irwin Mitchell’s Business Legal Services division, said: “Our report highlights that the faster rates of economic growth continue to be concentrated in locations in the South and around the so-called ‘Cambridge-Milton Keynes-Oxford Arc’. All businesses need to operate in an economic environment that allows them to flourish and we firmly believe the government can do more.”