Monday, May 20, 2019

News: Rotherham has fastest growing economy in Yorkshire again

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The positive signs for Rotherham's economy continue as the borough again places top in Yorkshire for economic growth according to recent research.

Rotherham's £4.4 billion a year economy has been a top performer for a number of years, staying at the top of the UK Powerhouse rankings for GVA growth.

The UK Powerhouse study is produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr) and provides an estimate of GVA growth and job creation within 46 of the UK's largest cities at least 12 months ahead of the Government's official figures. It uses a range of more timely indicators to create a "nowcast" of GVA and employment for a range of key cities across the UK.

For GVA growth rate in Q4 2018, Rotherham is ranked 18 out of 46 with a year on year growth rate of 1.6%. Ahead of the national average, this is the top ranked economy in Yorkshire and is only bested in the North by Aberdeen (1.8%) and Manchester (1.7%).

Reading, Cambridge and Oxford make up the top three for economic growth with no locations in the North in the top ten with annual growth in all three Southern locations on or above 2.5%.

Over 2018 as a whole, the UK economy expanded by 1.4%, compared with 1.8% in 2017.

GVA, or Growth Value Added, is the increase in the value of the economy due to the production of goods and services. It is widely recognised by Government and policy makers as a measure of local economies.

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Predictions for Q4 2020 are also provided and Rotherham's economy is estimated to continue to grow, but at a slower rate of 1.3%, to £4.6 billion.

The report also ranks economies in terms of job numbers. It plots Rotherham's economy as having an employment level of 105,900, up 1.1% on the same quarter in the previous year. Another 1.1% growth is predicted for the coming year with a Q4 prediction for 2020 of 108,200.

The forecasts are based on the assumption that an amended version of the Brexit withdrawal agreement will form the basis of the future UK – EU relationship. It also assumes a transitional arrangement will be put in place that allows a continuation of the current relationship without any major disruptions until at least 2021.

Paddy Sturman, partner at Irwin Mitchell, said: "Brexit has and will continue to take up a lot of Government time, but it is vital that it refocuses its attention on rebalancing the UK economy and building on the potential within the Northern Powerhouse."

Irwin Mitchell website
CEBR website

Images: Sheffield Business Park

7 comments:

Graldhunter May 20, 2019 at 6:20 PM  

Rotherham riding the crest of this enormous financial wave is obvious from the number of empty and boarded-up shops and the complete lack of footfall. Who writes these fantasy stories purporting to pass as fabulous financial fairy stories?

Anonymous,  May 21, 2019 at 9:40 AM  

Could this be something to do with Rotherham’s parking chargers ?

Anonymous,  May 21, 2019 at 10:32 AM  

High streets are dieing nationwide,I work all over country and see same everywhere, just a modern trend, people now shop online or at retail parks, the days of packed high streets is history.

Anonymous,  May 21, 2019 at 9:47 PM  

This is about GVA - how productive businesses are in places like the AMP, Manvers, dinnington.

graldhunter@gmail.com,  May 21, 2019 at 11:23 PM  

Rotherham is a basket case and will descend further down the crapper as long as people keep voting Laybah, lol

Unknown May 22, 2019 at 12:32 PM  

Figures are wrong rotherham town centre is boarded up its like a ghost town no investment there.
We got no town centre
Pothole roads
Scruffy streets
Dumped rubbish all over place.

Mr me May 22, 2019 at 4:05 PM  

Economy aren't based on states of town centres, they're based on economic out put, which obviously Rotherham's major business are doing well.

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