Wakefield’s economic growth is in front of region’s major cities
A growing economy has put Wakefield ahead of Leeds, Sheffield and Manchester.
Official figures from accountants UHY Hacker Young show Wakefield’s growth has added 15.2% value in five years – meaning it is now in front of some of the biggest cities in the region.
Wakefield’s gross value added (GVA) has risen from £17,030 per head in 2009 to £19,420 in 2013 making the City 19th in the country for growth. GVA is the value of goods and services produced in an area, industry or economy.
Leader of Wakefield Council, Cllr Peter Box CBE said: “It is clear that Wakefield is a great place to do business. We have kept firmly focussed on the need to protect and support economic growth to secure the future viability of the district.
“Attracting new investment into the district is one our key aims to create strong economic future for our district - and we are delivering on this. Wakefield has a lot to offer, including excellent transport links, a very strong logistics sector and a commitment to support business growth in the district – we are becoming ‘the’ place to do business in the region.”
Wakefield Council’s Chief Executive, Joanne Roney OBE said: “We are continuing to perform well, significantly exceeding last year’s £150m target for private sector investment. We made this happen through our dedicated investment team that successfully generate new leads and by working closely with Leeds City Region and partners to engage with potential investors. Evidence of this partnership working has allowed Wakefield businesses to secured over £1m in grant offers from the Business Growth Programme and encouraging over £54m of private sector investment.”
The annual Business Demography data indicates the total annual creation of new enterprises is 1260, which represents a significant increase on last year’s figures. Wakefield Council’s Business Support Programme has played a major role in achieving this and will have helped 100 SMEs, created 71 new businesses and 155 jobs, by the end of June.