Derby is now the fastest growing city economy in the East Midlands, and one of the UK's top ten, according to a new report, benefitting from the city's exposure to international markets.
The UK Powerhouse report, which is produced with the Centre for Economics and Business Research (Cebr), provides a quarterly estimate of GVA and job creation within 45 UK cities 12 months ahead of the Government’s official figures.
The report, which is published this month, found that Derby’s economy grew by 2.3% in the 12 months to Q1 2017, placing it 10th in the UK, the only Midlands Engine city to rank.
Looking ahead to 2027, the report currently says Derby will have the fastest growing city economy across the East Midlands over the next decade with GVA increasing by 15.1%. Nottingham’s economy is expected to grow by 14.7% and Leicester’s economy predicted to be 12.9% larger by Q1 2027.
Jack Coy, economist at Cebr, said: “Despite the UK-level economic slowdown over the first quarter, it is good to see some bright sparks in local economies across the country. In particular, the best performing cities have benefitted from a combination of cutting-edge, productive industries and high-skilled workforces. Once again, this quarter’s City Tracker highlights the productivity of concentrated industry hubs and the power of urban agglomerations.”