Sheffield Grows Economy By 2% In 2016

20th April 2017

The city economy of Sheffield grew by 2% in the 12 months to the end of 2016, according to a new report by a leading law firm.

The UK Powerhouse report by Irwin Mitchell and the Centre for Business & Economic research (Cebr) provides an estimate of GVA* and job creation within 38 of the UK's largest cities 12 months ahead of the Government's official figures. The latest study published this month says that Sheffield fell nine places to 31st position in the in the league table for output. According to the report, employment growth within the city increased by just 0.5%, reaching a total of 277,320. Although the report says that Sheffield received a boost from the recent announcement that McLaren Automotive is to open up £50 million manufacturing plant in Sheffield creating 200 jobs, UK Powerhouse suggests the Government's newly launched industrial strategy will not tackle the current economic disparities that exist. Looking ahead to the next 10 years, the report predicts the Sheffield economy will grow by 12.9% by 2027. This is in contrast to other cities in the south of England dominating the top 20 list fast growing cities such as Milton Keynes at 24.7%. Top 10 fastest growing cities by GVA Q4 2026 (UK Powerhouse) Unveiled in January this year, the Government green paper outlined a new industrial strategy to help drive and 'divide growth across the whole country'. Based on ten key pillars of economic growth, the plan includes a number of methods to promote growth across the UK's regional and city economies. The plans will be delivered through investment, bolstered by regional growth funds. The strategy's public consultation closed on 17 April 2017. Irwin Mitchell's UK Powerhouse report can be downloaded from www.irwinmitchell.com/ukpowerhouse

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