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Economy of Leeds
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Economy of Leeds
The economy of Leeds is the most diverse economy of all the UK's main employment centres and has seen the fastest rate of private-sector jobs growth of any UK city and has the highest ratio of public to private sector jobs of all the UK's Core Cities. Leeds has the third-largest jobs total by local authority area with 480,000 in employment and self-employment at the beginning of 2015.
Leeds is the largest legal and financial centre in England outside of London, and third largest in the UK after Edinburgh, and in 2011 its financial and insurance services industry was worth £2.1 billion. with more than 30 national and international banks located in the city.
Leeds is also the UK's third largest manufacturing centre with around 1,800 firms and 39,000 employees, Leeds manufacturing firms account for 8.8% of total employment in the city. The largest sub-sectors are engineering, printing and publishing, food and drink, chemicals and medical technology. Leeds is also ranked as a gamma world city by the Globalization and World Cities Research Network; Over the next ten years, the economy is forecast to grow by 25% with financial and business services set to generate over half of GVA growth over that period with finance and business services accounting for 38% of total output. Other key sectors include retail, leisure and the visitor economy, construction, manufacturing and the creative and digital industries.
Leeds' growth has helped to change the economic geography of the United Kingdom, as Leeds is now the largest financial centres in Britain outside the capital. New tertiary industries such as retail, call centres, offices and media have contributed to a high rate of economic growth since the early 1990s. Leeds was successful in becoming the first British city to have full broadband and digital coverage during the dot-com bubble, enabling it to become one of the key hubs in the emerging new media sector. Companies such as Freeserve, Energis, Sportal, TEAMtalk, Contactmusic.com and Ananova emerged from Leeds to dominate the UK internet industry. Now, over 33% of the UK's internet traffic passes through Leeds, making it one of the most important regional internet centres in the UK.
Below is a collection of economic indices featuring Leeds. It is important to remember that while useful, surveys and indicators have limitations, and are at times subjective and incomplete. For example, no complete list of factors affecting quality of life can be created, and the way people weight these factors differs.
Cushman & Wakefield European Cities Monitor (2010) - A survey based on the views of 500 European businesses of Europe's leading business cities.
In the same survey, when asked how well companies know each of the cities as a business location, 19% said they were familiar with Leeds as a business location. This was the 6th highest in the UK after London (82%), Manchester (33%), Birmingham (28%), Edinburgh (25%) and Glasgow (21%).
In 2012, Leeds' GVA was £18.8bn ($33.2bn) accounting for 1.4% of UK GVA. It also accounts for 44% of the GVA of West Yorkshire, and 20% of the GVA of Yorkshire and Humber. Leeds is by far the largest centre of economic activity in the Yorkshire and Humber region: it is 80% higher than Sheffield's and 117% higher than Bradford's, for example. Compared with other major UK cities and conurbations, its GVA is exceeded only by London (comprising five NUTS 3 areas - £309.3bn), Greater Manchester South (£34.8bn) and Birmingham (£21.2bn).
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Economy of Leeds
The economy of Leeds is the most diverse economy of all the UK's main employment centres and has seen the fastest rate of private-sector jobs growth of any UK city and has the highest ratio of public to private sector jobs of all the UK's Core Cities. Leeds has the third-largest jobs total by local authority area with 480,000 in employment and self-employment at the beginning of 2015.
Leeds is the largest legal and financial centre in England outside of London, and third largest in the UK after Edinburgh, and in 2011 its financial and insurance services industry was worth £2.1 billion. with more than 30 national and international banks located in the city.
Leeds is also the UK's third largest manufacturing centre with around 1,800 firms and 39,000 employees, Leeds manufacturing firms account for 8.8% of total employment in the city. The largest sub-sectors are engineering, printing and publishing, food and drink, chemicals and medical technology. Leeds is also ranked as a gamma world city by the Globalization and World Cities Research Network; Over the next ten years, the economy is forecast to grow by 25% with financial and business services set to generate over half of GVA growth over that period with finance and business services accounting for 38% of total output. Other key sectors include retail, leisure and the visitor economy, construction, manufacturing and the creative and digital industries.
Leeds' growth has helped to change the economic geography of the United Kingdom, as Leeds is now the largest financial centres in Britain outside the capital. New tertiary industries such as retail, call centres, offices and media have contributed to a high rate of economic growth since the early 1990s. Leeds was successful in becoming the first British city to have full broadband and digital coverage during the dot-com bubble, enabling it to become one of the key hubs in the emerging new media sector. Companies such as Freeserve, Energis, Sportal, TEAMtalk, Contactmusic.com and Ananova emerged from Leeds to dominate the UK internet industry. Now, over 33% of the UK's internet traffic passes through Leeds, making it one of the most important regional internet centres in the UK.
Below is a collection of economic indices featuring Leeds. It is important to remember that while useful, surveys and indicators have limitations, and are at times subjective and incomplete. For example, no complete list of factors affecting quality of life can be created, and the way people weight these factors differs.
Cushman & Wakefield European Cities Monitor (2010) - A survey based on the views of 500 European businesses of Europe's leading business cities.
In the same survey, when asked how well companies know each of the cities as a business location, 19% said they were familiar with Leeds as a business location. This was the 6th highest in the UK after London (82%), Manchester (33%), Birmingham (28%), Edinburgh (25%) and Glasgow (21%).
In 2012, Leeds' GVA was £18.8bn ($33.2bn) accounting for 1.4% of UK GVA. It also accounts for 44% of the GVA of West Yorkshire, and 20% of the GVA of Yorkshire and Humber. Leeds is by far the largest centre of economic activity in the Yorkshire and Humber region: it is 80% higher than Sheffield's and 117% higher than Bradford's, for example. Compared with other major UK cities and conurbations, its GVA is exceeded only by London (comprising five NUTS 3 areas - £309.3bn), Greater Manchester South (£34.8bn) and Birmingham (£21.2bn).
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