Wakefield Economy grows at a faster pace
Wakefield has seen the local economy grow by 3.2% over the past year, according to new figures.
The overall size of the district's economy has developed from £5.95bn in 2011 to £6.47bn in 2013 growing faster than the West Yorkshire average, making it the second largest economy in the region – after Leeds. These figures have surpassed the Council's initial forecast of 2.4%.
Wakefield has also seen the number of people in unemployment reduce from 10.2% in 2013 to 8.5% in 2014 with a total of 73% of people in the district in employment. Applications for job seekers allowance have also decreased from 3.6% to 2.4%.
Cllr Peter Box, Leader of Wakefield Council said: "This is good news for the district's economy and gives the very clear message that Wakefield is a great place to do business.
"In the face of tough economic pressures Wakefield and our local business community is showing its resilience. We have developed strong relationships with our businesses and are working very hard to strengthen and grow our local economy. Wakefield is a district where business not only wants to invest, but also wants to grow."
Wakefield Council's Chief Executive Joanne Roney, OBE said: "These figures continue to demonstrate that Wakefield is one of the leading economies in the region, and shows that the hard work of the Council in regeneration and supporting economic growth is delivering results. We will continue to build on this by working closely with business, skills and education providers and other partners to ensure that people and communities across our district benefit from this growth."
Recent projects which have helped deliver this growth include the success of Wakefield based car chain – The Car People which saw a turnover of £153.8m earlier this year, the St Paul's development that has seen plans to bring a new £750m power station to the district offering around 1,000 jobs and the development of IT firm Acxiom which has become the largest data analytics company in the world.