Rotherham has Yorkshire’s fastest growing economy yet again
Rotherham continued to outperform regional rivals to hold its position as the fastest growing economy in Yorkshire for the FIFTH quarter in a row, according to a new report.
The borough experienced 1.4 per cent estimated growth from July to September, continuing a trend which started in summer 2017.
The figures were in the UK Powerhouse report by Irwin Mitchell and the Centre for Economics and Business Research.
In the latest study, Rotherham is ranked 15th for year-on-year Gross Value Added growth, up from 17th in the previous quarter - leapfrogging Manchester as the top ranked northern economy.
The borough’s economy is worth £4.4bn. A string of businesses have been investing in the area. Builders merchants James Burrell is set to open a £2 million branch in spring, while construction has begun on the £38 million Gulliver’s Valley leisure development.
Law firm Taylor&Emmet has opened a branch in the town centre due to the borough’s record growth and “renewed sense of optimism.”
Supercar company McLaren opened a £50m factory in Rotherham in November, attended Prince William and Kate Middleton. It is set to pump £100m into the economy in its first 10 years.
The Powerhouse study predicts Sheffield will year outperform other large cities such as Newcastle and Glasgow for employment growth this year.
Assuming Theresa May gets her Withdrawal Agreement through Parliament; it says predicts Sheffield’s year-on-year employment growth in will reach 1.4 per cent later this year, up to 299,200 in the third quarter compared to 295,200 in the same period last year.
It also expects Sheffield’s annual GVA to increase by one per cent in the third quarter of this year, up from 0.6 per cent last year.
Dorrien Peters, partner and head of business legal services at Irwin Mitchell in Sheffield, said:
“The overall impact of Brexit on the region in the long term prove difficult to predict but there are signs that cities and towns in South Yorkshire will be resilient, certainly in the short-term.
“There are challenges ahead and also many opportunities and we are working hard with our clients to support them and provide proactive advice so that they are well-prepared for the future.”