Leeds - the 'City to Watch'
Cities Outlook 2011 has identified Leeds as one of the UK’s locations most insulated from upcoming economic risks. A comparatively high percentage of well-qualified workers; rising employment rate and fast growing population base, coupled with the city’s relatively low dependency on public sector employment and welfare spending; place it in a more advantageous position than many other UK locations as the country recovers from the recession.
Leeds Public Sector and Welfare
One of the primary strengths of Leeds is likely to be its comparatively small proportion of public sector jobs at risk. The coalition government is preparing to undertake cuts estimated to target 2.9% of public sector jobs in some areas.
Jobs at risk are almost half that amount, at 1.5%. Of the 11 largest cities in the UK, Leeds has the 4th lowest percentage of GVA spent on welfare at 11%, compared to a high of 20% in Liverpool.
Alongside public sector job cuts, welfare cuts are also expected to be comparatively mild in Leeds, amounting to £125 less per capita, the lowest of any of the UK’s largest 11 cities.
Education in Leeds
Almost one third of the Leeds population is rated as having a high level of qualifications (30.9%). This level of expertise is indicative of a skilled and innovative workforce, which will be essential in a private sector led recovery.
Paul Stephens, chief economic development officer at Leeds City Council said: “Leeds has a diverse economy, in which the private sector is the primary driver, and a young and highly educated workforce, factors which have enabled the city to withstand the worst effects of the most recent recession and put it in a position to recover faster.”
Currently, the top eleven cities provide 37% of Britain’s private sector jobs, and Leeds has the second highest employment rate out of those top eleven, at 70.4% of the total population.
Growing Population in Leeds
Leeds has one of the fastest growing populations of the UK’s cities, at 0.97% per annum. Combined with high levels of education and the projected expansion of the private sector, this continued growth of the population will create a large workforce conducive to serving the needs of industry.
Mr. Stephens added, “Major developments such as the new Leeds Arena and the £350 million Trinity Leeds retail and leisure development, both scheduled for completion in early 2013, will give a further boost to the economy of Leeds and the surrounding city region.”
For more information about doing business in Leeds, please visit their pages.
