Sunderland one of the UK’s fastest-growing economies

Sunderland one of the UK’s fastest-growing economies

Sunderland had the sixth fastest growing economy in the country over the past quarter, seeing its GVA jump 1.5% to £5.7bn, according to a report by Irwin Mitchell.

The city’s growth rounds off a strong six months for Sunderland, which saw it jump 26 places up the national growth table in Irwin Mitchell’s previous UK Powerhouse report.

Sunderland’s economy has benefitted from high levels of investment and a growth in export activity.

Irwin Mitchell said: “Sunderland City Council revealed plans in 2015 to transform the city through investment in infrastructure, industry and education, as well as training which has started to have effect.

“The Sunderland Strategic Transport Corridor is now well into its second phase. When finished, the corridor will offer improved connectivity from the A19 to the Port of Sunderland.

“Sunderland’s economy has also benefitted from the weak pound boosting manufacturing exports, since the city is home to the UK’s largest car factory (Nissan Motor Manufacturing UK).”

While Sunderland has been enjoying a boom, Newcastle’s economy has been growing at a lower rate of 1.1% over the last quarter, though Newcastle’s GVA is much higher than Sunderland’s at £9.5bn.

Middlesbrough meanwhile was one of the slowest expanding economies in the UK and was ranked 42nd overall. Middlesbrough achieved a growth rate of 0.8%, taking its GVA to £3.3bn.

Cambridge has the fastest growing economy in the UK during the last quarter, after achieving growth of 2%.