How is the Yorkshire Economy Fairing This Quarter Compared to Last Year?

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How is the Yorkshire Economy Fairing This Quarter Compared to Last Year sheffield

How is the Yorkshire Economy Fairing This Quarter Compared to Last Year?

The Yorkshire economy is experiencing steady growth, particularly in the cities of Leeds and Sheffield (pictured above). Both cities have begun to attract record levels of investment and interest from entrepreneurs, who have begun to situate themselves in the north; from small startups to the fully-fledged headquarters of multinational conglomerates.

Due to the hard work of its people, the Yorkshire economy is currently valued at £110bn, a figure set to rise exponentially in the coming years. But how did things progress so quickly?

Last year, Leeds reportedly grew at a faster rate than London, and Sheffield too had grown it’s financial sector by 28% since 2014 owing to the launch of George Osborne’s Northern Powerhouse initiative. The same research also revealed that Leeds had a job creation rate of 9.5%, again exceeding London. In the end, the researched figures of 2017 rounded out to predict that the Leeds economy would grow another 12.8% in the next ten years, which once more forecasted better results than London.

The upward trajectory is still going strong in 2018. Due to Brexit having the potential to deplete jobs in some areas, the need for self-made business peoples has never been stronger. Of course, fresh entrepreneurs are steadily starting to emerge due to the help that is out there to get going, and the support that’s available is turning the north into a bigger hub of trade and industry. Business’ thrive best when there’s a real need for them, and Yorkshire cities are making the demand known – as well as accommodating it.

How is the Yorkshire Economy Fairing This Quarter Compared to Last Year graph

“Still room for improvement”

Universities are also growing and set to expand, despite the large tuition fees. They’re producing work-ready graduates at incredible rates, meaning there are more highly skilled workers looking for work in northern cities than ever before.

Additionally, tourism plays a big part in the Yorkshire economy too. Records from 2016 show that the industry is reportedly worth over £8bn per year in god’s own country, a 14% rise since 2011. Today, Yorkshire has widened its position on the world stage due to a mixture of wide-reaching marketing campaigns and unique landmarks such as York Minster. The popularity of Yorkshire has only been climbing from here, as new visitors from far afield are constantly attracted to the north time and again.

However, there’s still room for improvement. The metro mayor of South Yorkshire recently demanded more financial funding for transport, skills and jobs from Philip Hammond. Despite the gargantuan growth Yorkshire has experienced, the economical imbalance between the north and south remains and still needs addressing from the perspectives of many. There’s also the question of townsfolk flocking to the cities for opportunity, and thereby limiting the potential of the towns. Additionally, personal debt remains as much of a problem in Yorkshire as in the rest of the country, that being said although interest rates have risen recently, they still remain relatively low meaning personal loans are still a financially viable option.

In the end, the Yorkshire economy is progressively growing but is arguably in need of some refined organisation. Once the finances start being attributed evenly and equally, things will no doubt improve even more.

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