Tuesday, July 30, 2019

News: Rotherham economy continues to grow


Rotherham's £4.4 billion a year economy is continuing to grow but it has been overtaken by Wakefield as the fastest growing economy in Yorkshire.

Staying at the top of the UK Powerhouse rankings for GVA growth, the year on year growth rate in Q1 2019 for Rotherham was 1.1%, placing the borough 18 out of 46 (the same ranking as the previous quarter). Ahead of the national average, this is the second best ranked economy in Yorkshire and is only bested in the North by Wakefield (1.3%), Sunderland (1.2%) and Stockport (1.1%).

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.

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.


The UK economy expanded by 0.5% in the first three months of 2019, according to data from the Office for National Statistics (ONS). Reading, Cambridge and Oxford again make up the top three for economic growth.

Predictions for Q1 2021 are also provided and Rotherham's economy is estimated to continue to grow, at a rate of 1.6%, 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 107,300, up 1.1% on the same quarter in the previous year. Another 1.1% growth is predicted for the coming year with a Q1 prediction for 2021 of 109,700.

The theme of this quarter's rankings is environmental sustainability. Using statistics from 2017, Rotherham ranks high (5th out of 46) for the percentage of renewable electricity installations such as solar panels, and for the percentage of local authority collected waste sent for recycling (10th with 44%), but much worse for environmentally-friendly commuting (38th) and pollution levels - carbon dioxide emissions - at 44th.

Irwin Mitchell website
CEBR website

Images: SCR


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