Hull one of top UK cities for economic growth

Hull has been named as one of three Local Authority areas leading the way as the fastest growing economies in Yorkshire.

The UK Powerhouse study, produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr) provides an estimate of Gross Value Added (GVA) growth and job creation within 45 of the UK’s largest cities, 12 months ahead of the Government’s official figures. The report released this week revealed that Hull, Rotherham and Wakefield are the fastest growing economies in Yorkshire.

Hull’s GVA growth across Quarter 3 of 2017 was recorded at a rate of 1.8 percent, putting it in the top ten cities in the UK for growth.

Councillor Martin Mancey, Portfolio Holder for Economic Investment, Regeneration and Planning said:

“The data further proves just how the city has transformed and the upward trajectory Hull’s economy is on.

“I am delighted that these figures show that the City Plan we launched in 2013 is coming to fruition and that the city and our residents are seeing the benefits of the public and private sector investment that has taken place over the last few years.

“Hull has demonstrated what an attractive place it is to live and invest, and I look forward to further investment in 2018.”

The UK Powerhouse study follows the Office of National Statistics (ONS) data release for GVA in 2016, which showed Hull’s growth at five percent, to be well above the regional average of 2.9 percent and above the national average at 3.6 percent.