Town ‘fastest growing in region’
STOCKPORT has the fastest expanding economy in the north west, according to a new report.
The town’s Gross Value Added (GVA) figure, a measure of its output minus consumption, has grown by 2.3 per cent in the year up to the second quarter of 2018.
It is expected to grow by 1.3pc the next year, up to the second quarter of 2019.
These new figures come from the UK Powerhouse study, produced by law firm Irwin Mitchell and the Centre for Economics and Business Research (Cebr), which says recent infrastructure developments have helped to sustain growth in Stockport’s town centre.
The analysis provides an estimate of GVA growth and employment levels within 46 of the UK’s largest cities at least 12 months ahead of the government’s official figures.
In employment, Stockport did not fare as well, ranked the second slowest expanding area by year-on-year employment in the second quarter of 2018, at just 0.2pc annual change.
In contrast Leeds, at the top of the table, had 2.2pc annual change.
By the second quarter of 2019, Stockport had risen one place, to 44th out of 46, with 0pc annual change in employment levels.
Helen White, the director and co-founder of Marketing Stockport, said: “I am not surprised that Stockport is the fastest expanding economy in the north west.
“We founded Marketing Stockport seven years ago as a platform to promote the business community.
“The potential for growth in Stockport has been even more evident over the past two years, as is the opportunity to attract new businesses looking to locate to an area that is well connected, has a rich skills pool and an exciting future. I believe that employment will continue to grow as businesses are attracted to Stockport and investment continues.”
Councillor Kate Butler, Stockport council’s cabinet member for economy and regeneration, added: “With over 4,000 new jobs created in the town in recent years, business investment at an all-time high and first class connectivity, Stockport is undisputedly one of the north west’s leading business locations.
“The UK Powerhouse report shines a light on Stockport’s strengths and the opportunities businesses find here.
“Our ambitious vision for the town will build on this, as developments such as Stockport Exchange continue to transform our town.”