Business Outlook for Sheffield in 2020
There are some positive noises surrounding the business outlook for Sheffield in 2020 and beyond. The city is poised to increase employment with many local industries tipped to grow in the coming decade.
Yorkshire cities, just like any other northern city, will lagbehind southern towns in terms of predicted job growth. Nevertheless, Sheffield and Leeds have been identified as two northern cities in Yorkshire that will enjoy swift employment growth compared to neighbouring locations.
The exact figures which come from Irwin Mitchell – a UK law firm – predict that there will be a 1.2% growth in employment between Sheffield and Leeds.
Job growth is right for every industry in the region because with more employment comes more people willing to spend money. They may be dining out at new Sheffield restaurants, buying new cars, having a flutter at the best online casinos, watching The Blades or The Owls, and enjoying many other of Sheffield’s amenities.
The research also found that Hull and Rotherham have positive employment predictions for the twelve months ahead.
What James Muir Had to Say
James Muir is the chair of the Sheffield Local Enterprise Partnership Board and has been laying out the city’s plans for 2020.
He stated that the board’s original plan of action was realised early, and this is why they are renewing their ambitions and goals to help Sheffield businesses to prosper. They have devised a new Strategic Economic Plan (SEP)that will help Sheffield stay within the action of the UK’s current fourth industrial revolution, a revolution based on disruptive technologies.
This may seem a far cry from the steel heritage of the city, but the hope is that new trends can merge with ongoing engineering industries and local businesses to keep Sheffield on the UK economy’s map.
Other Key Findings from the Report
The report was produced by the Centre for Economics and Business Research (Cebr) and found several exciting predictions alongside predicted job growth in Sheffield. These are:
· Leeds will perform high due to transport links with other major UK cities and its connection with companies in the tech sector. The estimated number of tech workers in Leeds is 10,000 professionals working for around 1,500 tech firms.
· Doncaster scored well in the research with a predicted GVA increase of 0.9% – which is the same prediction as London. This growth is identified through the local rail port being a strategic hub for freight, as well as being home to logistics centres for global companies such as IKEA and Amazon.
· Hull and Bradford were placed in the bottom five in terms of GVA growth.
Many analysts have pointed to the back of Brexit uncertainty and a landslide general election that have stabilised the political landscape and thus the UK economy. Businesses now have a clearer understanding of the UK’s Brexit position and are more inclined to invest, recruit and grow their workforce.