Wakefield one of fastest growing economies in country, study finds

Wakefield has one of the fastest growing economies in the country, according to a new report.

Thursday, 4th January 2018, 4:43 pm
Updated Thursday, 4th January 2018, 4:45 pm

The UK Powerhouse study provides an estimate of job creation within 45 of the UK’s largest cities 12 months ahead of the Government’s official figures.

The study, produced by Irwin Mitchell and the Centre for Economics and Business Research, also estimates the value generated through the production of goods and services in each area, a measure known as Gross Value Added (GVA).

Wakefield ranked fifth in terms of employment, with the number of people in work in the third quarter of 2017 up by 0.9 per cent on the previous year.

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The city's GVA growth for the same period was 1.7 per cent, making it the tenth-fasting growing city economy in the UK.

Rotherham and Hull also made it into the top 10 for GVA growth, whilst York ranked highly for employment.

Dorrien Peters, partner and head of business legal services at Irwin Mitchell’s Sheffield office, said: “The rate of growth seen in Rotherham, Hull and Wakefield is a great testament to the excellent work being done by businesses across Yorkshire."