Sheffield businesses that took on apprentices last year benefited to the tune of £10 million, according to new research.
Across the city 5,450 people have started apprenticeships in the last 12 months.
Research commissioned by the Association of Accounting Technicians, which has pioneered apprenticeships in accounting, also found that the average boost to companies who took on an apprentice was £1,972.
Sheffield Hallam MP and Deputy Prime Minister Nick Clegg urged more businesses to take on apprentices.
He said: “If they don’t have one already, every local business should consider employing an apprentice.
“By giving young people a chance, they will also be boosting their bottom line.
“The benefit of apprentices has made a real difference to the local economy, and that’s just from apprentices who began last year.”
Mr Clegg said apprenticeships across the country had doubled. Tata Steel, Rolls-Royce and Sheffield Forgemasters all took on apprentices last year.
Sheffield College has more than 800 apprentices in sectors ranging from dental technology to horticulture.
The research was produced for the AAT by economics consultancy Cebr.
It weighed the output of apprentices, as well as subsidies firms receive for taking them on, against their wages and training costs.
Jane Scott Paul, chief executive of the AAT, said: “Far from being a cost, apprentices bring benefits straight away.
“It’s really important employers know there are apprenticeships of all shapes and sizes, including those in non-traditional sectors like law.”
“That’s how apprentices boosted UK firms by £1.8 billion last year.”