Liverpool has strongest growth in NW
THE Liverpool City Region has one of England’s fastest growing regional economies, according to new Government data.
The Office for National Statistics (ONS) has examined the output from each local enterprise partnership area since 1997 based on measures such as levels of pay, trading profits, rental income and business tax.
It ranked Liverpool ninth out of the 39 areas with a growth rate of 4.2% a year between 1997 and 2012.
It was the only Northern LEP in the top 10. Lancashire and Cumbria were in the bottom 10 with 3.3% and 3.2% respectively. The lowest was the Black Country with 2.5%, while the highest was London with 5.1%.
But around 25% of Liverpool’s growth came from health, education and public administration and the city is trying to bolster its private sector base with events such as this year’s International Festival for Business.
On a measure of GVA per head for 2012, Cheshire and Warrington came seventh and was the only Northern LEP in the top 10. Greater Manchester was the only North West LEP not to appear in the report’s various tables, suggesting it was not amongst the best or worst performers on any measure.
In Cumbria 25% of economic growth was down to manufacturing, and the sector contributed 22% to Cheshire and Warrington.
Liverpool City Region LEP Chair Robert Hough said: “These figures underline the progress being made to deliver sustainable economic growth across the city region.
“This strong performance is on the back of increasing business investment, with the creation of an additional 12,000 private sector jobs in the last two years with many contained in the key growth sectors of the Superport, the visitor economy, and the low carbon economy and also in advanced manufacturing.”
He added: “We are making good progress but we must accelerate our rate of growth. Our growth plan submitted to Government is seeking in excess of £250m of funding to capitalise on the success of our key growth sectors especially around the potential of the city centre, the development of a freight and logistics hub for the city region, and our ambitions to be a key centre for low carbon energy generation and development.”
