Latest News | 18 June 2015
City Leads UK Economic Recovery
Figures released this week have confirmed that the city of Derby is now leading the UK’s economic recovery.
Derby has seen a 23% growth in GVA over the past 5 years, more than double the national average of 9%.
The city’s GVA now stands at £27,849, against a national average of £20,899.
The numbers have attracted national media attention, including the Daily Mail which described Derby as being the ‘centre of the UK recovery’.
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“Derby punches above its weight and these numbers reinforce our message of an economy based on excellence in innovation and advanced engineering. We have fantastic companies and a talented workforce and I believe that developments such as Infinity Park Derby and the Derby UTC (University Technical College), both of which open later this year, will raise our game further”
GVA (or Gross Value Added) is the key economic measure of the value of goods and services and accountancy firm, UHY Hacker Young, have analysed official statistics to assess hot spots.
Derby’s hi-tech economy, based around the recent success of its major employers, Rolls-Royce, Toyota and Bombardier, supported by a highly skilled SME supply chain, is the main reason given behind the numbers.
The report points to the success of Bombardier in winning the massive Crossrail contract, Toyota’s selection of Burnaston for its production of the new Auris and Avensis cars, as well as Rolls-Royce’s £74bn order book.
Further evidence was added at the Paris Airshow today when Rolls-Royce announced a $500m deal to supply Trent 1000 engines to Ethiopian Airlines.
The report supports the concept of the midlands as the UK engine room as all top 5 slots were taken by the region.
In fact, East, South and West Derbyshire take the next two of the 136 places in the UK league table, giving the Derby and Derbyshire area a triple top.
Also in the top ten is the tech city part of east London with an 18% increase.
Liverpool came bottom with a drop in GVA of -3%.
