New Report Also Shines Light On Middlesbrough’s Poor Economic Performance
Newcastle enjoyed an employment boost in the first three months of this year, according to a new report which also revealed Middlesbrough’s economy was one of worst performing in the UK across the same period.
The UK Powerhouse study is produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr) and provides an estimate of GVA* growth and job creation within 46 of the UK’s largest cities at least 12 months ahead of the Government’s official figures.
Published this month, the latest report revealed that Newcastle was ranked 12th in the UK in terms of employment growth in the first quarter of 2018, after the city’s workforce increased by 1.5% year-on-year to reach 221,800.
Sunderland led the way in the North East in terms economic growth across the same period, with its rate of 2.0% meaning the city was among the top 15 best performing cities. However, there was less good news for Middlesbrough, with its GVA growth rate of 1.3% meaning it was in the bottom three for economic performance.
The new report also looks ahead to the future and has predicted that Newcastle will maintain its level of employment growth across the next ten years, with the city’s workforce set to expand by 14% by 2028. In comparison, employment in Sunderland is only expected to rise by 4.8% between now and then.
Expert Opinion“This latest report has highlighted how Newcastle and Sunderland have enjoyed a strong performance in terms of employment and GVA growth respectively in recent months.
“However, the news that Middlesbrough is continuing to lag behind their North East rivals and the rest of the UK in terms of economic growth is a major concern which local government will be keen to tackle across the coming months and years.”
Victoria Brackett - Group Chief Commercial Officer