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27
Feb 2023
Harrogate, Leeds and Sheffield tipped for best economic growth in Yorkshire
Harrogate, Leeds and Sheffield have been named as the three places forecast to experience the region's highest economic growth over the next two years.
The EY Regional Economic Forecast, compiled by accounting firm Ernst & Young, says Leeds’ economy is expected to grow by 2.1% per year on average over the course of 2024 to 2026.
Harrogate and Sheffield are predicted to have the joint-second fastest-growing economies across Yorkshire and the Humber over the same period, with both projected to see annual average growth of 1.9%. Hull fares worst, with forecasted growth of 1.2%.
The region's overall forecasted average annual growth of 1.7% is the joint lowest in the UK — and well below London's predicted 2.6%.
Stephen Church, Ernst & Young's north market leader, said:
But Mr Church added "too many places are still expected to trail behind" and that regions "need their own clear strategies for growth, which reflect each region’s own strengths and unique attributes".
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By 2026, Harrogate’s local economy is expected to be £0.2 billion larger than in 2022. The real estate activities and professional, scientific and technical sectors are expected to record the biggest absolute increases in growth over this period.
As well as expecting some of the fastest economic growth in the region from 2024 to 2026, Harrogate and Sheffield are also forecast to see their employment growth match the national growth rate over the same period, with annual average growth of 1.3% in both places.
The regional average is 1.1%.
Ernst & Young, one of the big four accounting firms, uses economic data to model future performance for the forecast.
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