Yorkshire and Humberside prosperity thrives

Yorkshire and Humberside prosperity thrives

Barclays’ Prosperity Index has shown an overall uplift in prosperity in Yorkshire and Humberside in comparison to last year’s study. The research uses factors including numbers of millionaires, average annual pay, the percentage of households giving to charity, business growth rates and exam scores to generate a unique ‘Prosperity Index Score’ for each UK region.

In a sign of increasing prosperity, house prices in Yorkshire and Humberside increased by 2% year-on-year, with the average property now costing £136,569.

The region also saw the second biggest fall in unemployment rates, falling by 1.4% points to 6%. In Leeds alone, unemployment fell by 2.2% points to 6.2% - the second biggest fall of all the cities in the study, after Liverpool.

Yorkshire and Humberside also continues to host a thriving SME scene which has played an important part in the region’s prosperity. The number of new business in the region grew by 1.8% to 23,745 – the second highest growth in the country after London.

SMEs have expanded their sales turnover by 3% compared with last year. In Leeds, growth is outpacing London, with SME turnover rising year-on-year by 8% in comparison to 7% in London.

GDP per capita grew by 8.5% in the past year, growing at a faster pace than in London, which grew by 8%.

Martin Cuthbert, regional director for the Yorkshire region, Barclays Wealth and Investment Management, said: “It is very encouraging to see that prosperity in Yorkshire and Humberside is on an upwards trajectory, driven by the growth in GDP and small business turnover. The fact that SMEs in Leeds are now growing at a faster rate as those in London demonstrates that we are ready to compete with the capital when it comes to providing the right conditions to start and grow a successful business and drive prosperity more widely.

“We can feel confident that these signs of development show that not only is Yorkshire and Humberside still ‘open for business’, but that we also have a really important role to play in the prosperity of the UK as a whole.”

 

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