Leeds City Region economic growth leads to more development projects « Sum

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Leeds City Region economic growth leads to more development projects

Leeds is quickly becoming one of the regions to watch, not just the in the North of England but across the whole of the UK. Brands are quickly setting up offices in the city and wider region due to the increased awareness around the offerings of the area.

From affordability, quality of life, office space available, proximity to the countryside, transport options and easy access routes to London and wealth of talent, it’s no wonder brands are choosing to set-up or relocate to this bustling region.

Leeds foreign investment

According to a survey from EY, Leeds is ranked the fifth best performing city, in the UK, for attracting foreign direct investments (FDI). The survey, which looked at UK Attractiveness in 2018, revealed 19 FDI projects locating to the city in 2017 alone. This figure translates to a 23% share of all of the projects locating to the wider Yorkshire and the Humber area, last year. In 2017, the area as a whole recorded 80 inward investment projects in total, which translates to a high-level of attractiveness in the area and an overall increase in jobs.

Increase in jobs

From 2016 to 2017, jobs created in the region due to overseas investors increased by 14% to over 5,600 opportunities, making the highest number of jobs secured in the Yorkshire and Humber region in the last decade.

In 2018, the UK unemployment fell to around 4.2% with earnings growing by 2.8%. The labour market continues to be strong, and with the boost to the Leeds and wider region brought in by foreign investment, businesses continue to flourish and as a result, require an increased number of employees to cater for growing demand.

Regeneration

There has been a significant boost in development projects in the Leeds area, with many currently underway and even more in the pipeline. With areas such as the South Bank currently under rejuvenation to become a purpose-built and high-quality accommodation located in this highly sought after area. With more and more working professionals and graduates gravitating to the quickly developing area, apartments and city centre spaces are growing in demand every year.

Economic growth

Although the Uk’s overall economic outlook is somewhat uncertain, Leeds’ economy growth looks promising. With investments revitalising the city centre, business expansions and an increase in affordable accommodation, Leeds continues to attract students, professionals, developers and businesses. The success of the regional economy which has expanded by 40% since 2007 and is now worth £50 billion, can largely attribute it’s success to the boom in demand for both affordable and luxury accommodation and the availability of suitable and cost-effective office and business spaces.

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