All of the UK’s Top Five fastest-growing economies can be found in the Midlands, where engineering and advanced manufacturing is powering a revival in the regions’ economies, according to accountancy firm UHY Hacker Young.
Topping the list of the fastest growing UK regions with a staggering growth rate of 23% in Gross Value Added (GVA) over the last five years, more than double the national average increase of 9%, are Derby, East Derbyshire, and South and West Derbyshire. The Midlands completes its domination of the Top Five with fourth-placed Stoke-on-Trent (GVA growth of 21%), and fifth-placed Walsall with 20% growth (see table below).
Gross Value Added (GVA) is a measure of an area’s contribution to the UK economy based on the value of the goods and services it produces per capita.
The resurgence in the engineering and advanced manufacturing output of the Midlands in recent years is helping to drive the region’s economy out of the doldrums.
Malcolm Winston, partner at our Birmingham office, comments: “It’s been a difficult decade for some parts of the Midlands, but these figures show that the region’s advanced manufacturing base is once again a huge growth driver.”
“From Rolls-Royce aircraft engines to the latest Jaguar and Land Rover models, demand for advanced products manufactured in the Midlands has ensured that the region’s economy has bounced back strongly from the recession.”
“One of the benefits of a strong manufacturing base is that it the employment created cascades down the supply chain too – a huge number of businesses in the Midlands have businesses like Rolls-Royce, Toyota and Jaguar Land Rover as major customers.”
“The need for skilled workers has also driven investment in education and skills and created a real advanced manufacturing cluster, which makes the area even more attractive to businesses.”
You can read the full report and find out the top 10 growing economies in the UK here: http://www.uhy-uk.com/news-events/news/midlands-home-to-all-top-5-fastest-growing-uk-economies-as-manufacturing-boosts-revival/
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Article Source: http://www.uhy-uk.com/news-events/news/midlands-home-to-all-top-5-fastest-growing-uk-economies-as-manufacturing-boosts-revival/