News: Fast recovery predicted for Rotherham economy
Rotherham's £4 billion a year economy is set to bounce back with a higher than average GVA growth, according to an economic report.
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.
In the latest quarter of data, Q3 2020, all areas saw an annual contraction in economic growth, with a simple average of -9%.
Rotherham's economy was charted at contracting by 10.5% in its year on year growth rate for Q3 of 2020.
However, the borough is predicted to bounce back with the study showing a GVA growth rate of 26.9% for the year ending Q2 2021.
Rotherham is ranked fourth in the UK in the study amongst other Yorkshire locations leading the way - Docaster is first with a rate of 29.6%, Wakefield is third (26.9%).
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Rotherham's figure is ahead of the average annual GVA growth across the UK Powerhouse cities which is expected to be 23% for the period.
The study also looks at jobs in Q3 2020 and ranks Rotherham at 17th with an employment level of 96,200, a decrease of 3.6% on the previous year. Looking ahead to Q2 of 2021, Rotherham is ranked 20th with an employment level of 98,200, -0.1% on the previous year
Looking further ahead, the study plots figures for Q4 2021 where Rotherham's economy is predicted to continue to grow by 8.1% to £4.4 billion a year. Employment is predicted to grow by 6.2% (the fastest growth in the region) to 99,600.
Before the COVID outbreak, the study had Rotherham's economy up at £4.7 billion a year and employment rates over 100,000.
It should be said that the latest study looks at the economy beyond coronavirus but was published before the new national lockdown was announced by the Government.
Dorrien Peters, partner at Irwin Mitchell, said: "The SCR [Sheffield City Region] has done a lot of work to prepare the ground for economic revival and we hope to see the chancellor back his words with action in offering practical support to northern cities and towns hardest hit by the perfect storm of pandemic induced economic damage, lockdown and Brexit."
Irwin Mitchell website
CEBR website
Images: Rolls-Royce
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.
In the latest quarter of data, Q3 2020, all areas saw an annual contraction in economic growth, with a simple average of -9%.
Rotherham's economy was charted at contracting by 10.5% in its year on year growth rate for Q3 of 2020.
However, the borough is predicted to bounce back with the study showing a GVA growth rate of 26.9% for the year ending Q2 2021.
Rotherham is ranked fourth in the UK in the study amongst other Yorkshire locations leading the way - Docaster is first with a rate of 29.6%, Wakefield is third (26.9%).
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Rotherham's figure is ahead of the average annual GVA growth across the UK Powerhouse cities which is expected to be 23% for the period.
The study also looks at jobs in Q3 2020 and ranks Rotherham at 17th with an employment level of 96,200, a decrease of 3.6% on the previous year. Looking ahead to Q2 of 2021, Rotherham is ranked 20th with an employment level of 98,200, -0.1% on the previous year
Looking further ahead, the study plots figures for Q4 2021 where Rotherham's economy is predicted to continue to grow by 8.1% to £4.4 billion a year. Employment is predicted to grow by 6.2% (the fastest growth in the region) to 99,600.
Before the COVID outbreak, the study had Rotherham's economy up at £4.7 billion a year and employment rates over 100,000.
It should be said that the latest study looks at the economy beyond coronavirus but was published before the new national lockdown was announced by the Government.
Dorrien Peters, partner at Irwin Mitchell, said: "The SCR [Sheffield City Region] has done a lot of work to prepare the ground for economic revival and we hope to see the chancellor back his words with action in offering practical support to northern cities and towns hardest hit by the perfect storm of pandemic induced economic damage, lockdown and Brexit."
Irwin Mitchell website
CEBR website
Images: Rolls-Royce
5 comments:
Rotherham's economy is lower than a snake's belly, and ever likely to remain so with the same RMBC Laybah Muppets in charge who oversaw the wicked Child Rape Exploitation cases which still haunt the town today, grrrrr ��������
Albert Einstein is attributed with saying the definition of insanity is doing the same thing over and over again and expecting different results, I wonder did he ever visit Rotherham.
A different result I will get my coat.
Think people confuse the towns economy with the general state of the town centre in particular, totally differant, Rotherhams economy as been up with best for several years, unfortunately its a different story re:town centre, its dead and like anything that's dead, it won't be revived. Be thankful that the private sector is creating jobs and wealth, as we all can see what council management as done to Rotherham Town centre.
Wake up you buffoon what does exploitation have to do with the economy no body supports it and there are many criminals who are not Asian don't think you can write what you want and get away with it i will be calling rmbc director today so he can take comments like this off as it does not reflect any topic being discussed
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