Rotherham maintains position as one of Yorkshire’s fastest growing economies
- New report suggests it is also set to enjoy a strong 2018
Rotherham continued to outperform other regional rivals to maintain its position as one of the fastest growing economies in the UK across the end of last year, 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 latest report revealed that Rotherham’s year-on-year GVA growth rate of 1.4% placed it just outside of the overall top ten best performing cities in Q4 2017 and made it the second fastest growing economy in Yorkshire behind only Hull.
Sheffield recorded a growth rate of 1.1% across the same period, while the two South Yorkshire locations both experienced moderate employment growth at 0.5% – just below the average rate of 0.6%.
The study also analysed future prospects and predicted that Rotherham’s GVA growth rate will drop slightly to 1.3% in Q4 2018, with Sheffield’s rate expected to fall further to 0.7%. Both are expected to maintain their employment rate.
Looking further ahead, the report did sound a warning that both GVA and employment growth in both cities are set to fall by 2028.
Dorrien Peters, partner and Head of Business Legal Services at Irwin Mitchell, said: “This latest report highlights the excellent work being undertaken within Rotherham and how the city has been able to maintain its strong performance in terms of GVA growth across the final months of last year.
“Manufacturing will have undoubtedly 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.
“However, the report does come with a word of warning in terms of long-term prospects and it could well be an issue that business leaders need to try and address in the coming years.”
* Gross value added – the total value of goods and services produced