Help in key areas needed to continue Sheffield’s economic growth

From left:  Andrew Hulse and Peter Newsam from UHY Hacker Young and Nick Patrick of SYITC.
From left: Andrew Hulse and Peter Newsam from UHY Hacker Young and Nick Patrick of SYITC.
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That is according to research by Sheffield-based accountancy firm UHY Hacker Young.

The company said the city recorded growth in its ‘Gross Value Added’ (GVA) of 6.1 per cent in the five years since the recession, from 2009 to 2013, just below the national average of nine per cent.

The research also shows Sheffield’s economy is growing at a faster rate than local competitors Leeds which saw an increase of 5.6 per cent over the same period.

In addition, the city has recorded a GVA contribution per person of £20,000, just below than the UK average of £20,900.

GVA is the measure of an area’s contribution to the UK economy according to the value of the goods and services it produces.

The report said the city benefits from a good level of international trade as Doncaster-Sheffield and Leeds-Bradford airports are both in close proximity.

Sheffield also has a burgeoning community of technology and media start-ups, concentrated around Sheffield Technology Parks and the Sheffield Cultural Industries Quarter.

Andrew Hulse, partner at UHY Hacker Young in Sheffield, said: “Sheffield has got a great deal going for it so a concerted effort by the local council, local businesses and our universities should help to deliver more rewarding and well-paid jobs.”