The East Riding has emerged as Yorkshire’s fastest-growing economy with a productivity growth rate of 3.5% annually.
Leader of East Riding Council, Cllr Anne Handley, said:
“Businesses are starting to realise that our area is in an excellent position for both domestic and international trade. The new Mayoral Combined Authority, which comes into force in 2025, will see us take ownership for our area and enable us to work with both local authorities to make the best decisions for our area and to bring in key public and private investment.”
The productivity rate across the Humber region has grown at a faster rate than London and all other northern regions.
According to analysis by the Northern Powerhouse Partnership, at an impressive 2.6% average annual growth rate, the Humber has out paced every other region in the north of England such as Greater Manchester (1.8%), Merseyside (0.5%), and Lancashire (2.2%). London is being outgrown by every northern region with an average annual growth rate of -0.1%.
Andrew McPhillips, Chief Economist at the Northern Powerhouse Partnership said:
“The Humber is already showing what’s possible when local regions seize the opportunities of the Net Zero economy, and the vision of an Energy estuary has already galvanised investment into offshore wind through to electric, battery and hydrogen trains manufacturing.”
Mr McPhillips also touched on how the upcoming Combined Authorities will be able capitalise on the high levels of growth in the region, he added:
“With strong economic foundations and the imminent arrival of Metro Mayors, this region is set to continue to lead the way in delivering green jobs and sustainable growth. The Metro Mayors already in place across the North are excellent examples as to how giving local leaders greater tools to make strategic investments can reap significant economic benefits for their regions. I have no doubt that the new Mayors in Hull and East Riding, alongside Lincolnshire, can secure the Humber’s place as a powerhouse for renewable energy and advanced manufacturing.”
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