York has been singled out as a job creating success story in a new report.
The city enjoyed the fastest employment growth of the consumer sector in the UK in the final months of last year. The consumer sector includes retail, tourism and leisure, and restaurants and bars.
And it is also outperforming many other Yorkshire locations in terms of economic growth in this market.
Produced by national law firm Irwin Mitchell and the Centre for Economics and Business Research (Cebr), the Consumer Powerhouse special report provides an estimate of gross value added (GVA) growth and job creation within key cities across the UK.
Source: Office for National Statistics, Cebr analysisYork’s consumer sector recorded an employment growth rate of 4.1% in Q4 2017, which far exceeded the national average of 1.0%. In addition, the city’s consumer sector experienced GVA growth of 2.0% across the same period, which was again above the average of 1.5%.
Powered by young people
The report forecasts that York will maintain its employment growth rate of 4.1% in Q4 2018 and also see an increase in GVA growth to 2.2% during the same period.
Emma Yates, Irwin Mitchell Senior Associate Solicitor and consumer sector specialist, said: “This latest report shines a light on how employment within the consumer sector is thriving in York, with the city’s growth rate being well beyond the national average.”
She added:
There could be many reasons behind this, but it should be noted that York has one of the largest number of 18-29 year olds living in the city, compared to other cities in the UK.
This age group tends to be very engaged in the consumer sector, particularly in active leisure and eating out in bars and restaurants.
Unfortunately, while the employment picture in the sector elsewhere in Yorkshire is not so positive, the above-average GVA growth seen in several cities is positive news.