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Diversity, performance and unparalleled growth are putting Leeds’ economy on the international map.
The current state of a city’s economy says most about the future of the place – for Leeds, this means big business and bigger growth.
The city is emerging as a key player within the British economy. According to the latest ONS Annual Business Inquiry, Leeds has become the biggest provider of financial and business services outside London – the sector employs an estimated 112,000 people.
The city is also recognised as the UK’s top legal centre outside the capital, with 180 firms and more than 8,000 employees.
And it’s not just professional services that are flourishing – Leeds is the third biggest manufacturing base in the UK.
Sustained growth
Paul Stephens, chief economic officer at Leeds City Council, explains: “Leeds has one of the most diverse economies in the UK. It has always been the region’s main financial centre and had a strong services sector.
“This has played a major role in the vitality and sustainability of the city’s economy, enabling Leeds to recover and adjust to changing economic conditions. While many other UK cities went through a period of painful readjustment following the collapse of their primary industries, Leeds has continued to attract investment, create prosperity and generate employment.”
Indeed between 1985 and 2005 the number of jobs in Leeds increased by more than 113,000, the best performance of any city in the UK. Its nearest competitor, Edinburgh, grew by only 70,000 jobs, whilst several other major cities experienced a net loss in employment over the same period.
And development continues with Leeds’ economy projected to grow by a further 30% in the next ten years. Today financial services, law, telecommunications, retail and hi-tech manufacturing are the major industries driving the local economy.
Knowledge economy
A vital factor in Leeds’ success – both historically and looking to the future – is education. The universities are economic powerhouses driving the city forward, creating a highly skilled workforce and working with business on research and development of national and international importance.
The University of Leeds and Leeds Metropolitan University both have internationally renowned business schools, and enjoy a global reputation for academic excellence, attracting some of the brightest minds from around the UK and across the world.
Leeds Met is vocationally focused and has one of the highest graduate employment rates in the country, which means an abundance of qualified staff and career training for the local economy. The University of Leeds builds links between research and local businesses through its Knowledge Transfer Unit, which turns cutting-edge research into economic reality. Both are essential for the city’s economic growth.
A city region
As well as being the second largest Metropolitan District in the UK, Leeds is also the nucleus of a ‘city region’ with apopulation of around 2.8 million.
Leeds City Region comprises 11 local authorities: Barnsley, Bradford, Calderdale, Craven, Harrogate, Kirklees, Leeds, North Yorkshire, Selby, Wakefield and York. It provides a combined labour force of more than 1.45 million and a total economic output in excess of £44 billion.
Councillor Robert Light, chair of the Leeds City Region Partnership Leaders’ Board, comments: “Leeds City Region is a uniquely polycentric and diverse area, comprising a broad range of cities, towns and villages. Our partnership harnesses the diversity of the region’s 11 local authorities, each of which brings something different to the table. At the heart of this partnership is the UK’s first legally constituted joint committee for a city region, which is developing joint solutions to a range of issues, including an economic development plan and an integrated transport vision.”
In the next decade, the economies of Leeds and Bradford are forecast to exceed growth rates for the UK as a whole, and Leeds is expected to generate nearly a quarter of all new jobs in the city region over that period.
In short, Leeds is a large and highly diverse city, which is still developing rapidly. And with this sort of vision, talent and investment – both within the city and at a regional level – the future continues to look bright for the Leeds economy.
The current state of a city’s economy says most about the future of the place – for Leeds, this means big business and bigger growth.
The city is emerging as a key player within the British economy. According to the latest ONS Annual Business Inquiry, Leeds has become the biggest provider of financial and business services outside London – the sector employs an estimated 112,000 people.
The city is also recognised as the UK’s top legal centre outside the capital, with 180 firms and more than 8,000 employees.
And it’s not just professional services that are flourishing – Leeds is the third biggest manufacturing base in the UK.
Sustained growth
Paul Stephens, chief economic officer at Leeds City Council, explains: “Leeds has one of the most diverse economies in the UK. It has always been the region’s main financial centre and had a strong services sector.
“This has played a major role in the vitality and sustainability of the city’s economy, enabling Leeds to recover and adjust to changing economic conditions. While many other UK cities went through a period of painful readjustment following the collapse of their primary industries, Leeds has continued to attract investment, create prosperity and generate employment.”
Indeed between 1985 and 2005 the number of jobs in Leeds increased by more than 113,000, the best performance of any city in the UK. Its nearest competitor, Edinburgh, grew by only 70,000 jobs, whilst several other major cities experienced a net loss in employment over the same period.
And development continues with Leeds’ economy projected to grow by a further 30% in the next ten years. Today financial services, law, telecommunications, retail and hi-tech manufacturing are the major industries driving the local economy.
Knowledge economy
A vital factor in Leeds’ success – both historically and looking to the future – is education. The universities are economic powerhouses driving the city forward, creating a highly skilled workforce and working with business on research and development of national and international importance.
The University of Leeds and Leeds Metropolitan University both have internationally renowned business schools, and enjoy a global reputation for academic excellence, attracting some of the brightest minds from around the UK and across the world.
Leeds Met is vocationally focused and has one of the highest graduate employment rates in the country, which means an abundance of qualified staff and career training for the local economy. The University of Leeds builds links between research and local businesses through its Knowledge Transfer Unit, which turns cutting-edge research into economic reality. Both are essential for the city’s economic growth.
A city region
As well as being the second largest Metropolitan District in the UK, Leeds is also the nucleus of a ‘city region’ with apopulation of around 2.8 million.
Leeds City Region comprises 11 local authorities: Barnsley, Bradford, Calderdale, Craven, Harrogate, Kirklees, Leeds, North Yorkshire, Selby, Wakefield and York. It provides a combined labour force of more than 1.45 million and a total economic output in excess of £44 billion.
Councillor Robert Light, chair of the Leeds City Region Partnership Leaders’ Board, comments: “Leeds City Region is a uniquely polycentric and diverse area, comprising a broad range of cities, towns and villages. Our partnership harnesses the diversity of the region’s 11 local authorities, each of which brings something different to the table. At the heart of this partnership is the UK’s first legally constituted joint committee for a city region, which is developing joint solutions to a range of issues, including an economic development plan and an integrated transport vision.”
In the next decade, the economies of Leeds and Bradford are forecast to exceed growth rates for the UK as a whole, and Leeds is expected to generate nearly a quarter of all new jobs in the city region over that period.
In short, Leeds is a large and highly diverse city, which is still developing rapidly. And with this sort of vision, talent and investment – both within the city and at a regional level – the future continues to look bright for the Leeds economy.
3 Day Forecast
Wednesday, 8th February
Min:
-3
Max:
1
Thursday, 9th February
Min:
1
Max:
2
Friday, 10th February
Min:
0
Max:
2
