Foreign direct investment reaches 20-year high

Inward investment into Yorkshire and Humberside reached a 20-year high last year as the region continued its remarkable growth rate.

There were 98 foreign direct investment projects in 2016, up from 83 the year before, according to the annual EY UK Attractiveness Survey.

Those two years have delivered 45% of the total projects in the last decade, highlighting the region’s rapid improvement.

In 2013 it was last in the list of 12 UK regions with just 20 projects. In 2016 it was fourth – behind London, Scotland and the West Midlands, but ahead of the North West.

Suzanne Robinson, Yorkshire & Humber Senior Partner at EY said: “The work that has taken place to position the whole of Yorkshire & Humberside as a strong investment location in the global marketplace is starting to pay off.

“These figures show that the international investment community has seen the potential in the region, with its access to the right skills, infrastructure and strong supply chain networks.”

Investment came from 25 countries across the world, led by the USA, with 30 projects, and Germany, with 10.

Kersten England, chief executive of Bradford Council and the business lead for Leeds City Region Enterprise Partnership welcomed the figures, which she said “show that Leeds City Region is the driving force behind a strong Yorkshire and the Humber performance”.

70% of the projects landed were in the Leeds City Region, which includes Bradford, York and Wakefield.

“EY are not the first to recognise that Leeds City Region is the most dynamic economy in the North,” she added.

“The future looks bright, our talent pipeline is strong made-up of digital natives, more under 16s than anywhere else and our under 21 population is growing. We have a strong collaborative LEP who has aligned our workforce strategy with the needs of employers ensuring digital skills match future business growth.”