Figures published today by accountancy giant EY show economists predicting Yorkshire will register growth of 2.5 per cent for 2016, which compares favourably to the predicted UK average growth of 2.0 per cent GVA in 2016.
The findings are published in EY’s latest UK Region and City economic forecast and say that professional services, logistics, construction, real estate, financial services and manufacturing have all grown faster than the UK average outside of London.
Importantly it states that employment levels in Yorkshire and the Humber are expected to have increased by 1.7 per cent by the end of 2016, surpassing the UK average of 1.1 per cent, with Leeds the leading city for employment growth in the region. EY predicts a 25 per cent of growth in employment, equating to 12,000 new jobs.
Mark Gregory, EY’s chief economist, told The Yorkshire Post: “What you have in Yorkshire is a region with a diversified economy.
“Across the different areas of professional services, manufacturing, etc, they have all held up well, with the weak value of Sterling in particular boosting exports. But our forecast shows that none of the UK’s region’s or cities will be immune to slower economic growth as the UK economy faces a number of challenges in the short to medium-term.”
Comment: Page 10; Region’s manufacturers gain momentum: Page 15.