Wakefield to be region’s next rising economic star

WAKEFIELD is set to outperform the UK average for growth in the financial services sector, according to a new economic study of the city.

The Wakefield Focus report, which was commissioned by property consultancy Drivers Jonas (DJ), predicts that Wakefield’s financial services sector will grow 23% before 2014 more than doubling the national average (11%).

According to DJ the city’s close ties to Leeds and its capacity for further commercial and residential development will enable it to capitalise on new opportunities when the wider economy recovers.

The report also forecasts that the gross value added (GVA) of the city’s hotels and catering sectors will grow by 8% by 2014. The national average is just 5%.

In addition, Wakefield’s transport and communications sector will expand by 5% compared to a contraction across the region.

Mark Finch, head of planning at Drivers Jonas’ Leeds office, said: “Since the previous recession there has been a structural shift in the make-up of Wakefield’s economy where it has moved away from its traditional manufacturing core, to become home to new and diverse service-based industries.

“These changes, combined with increasing co-operation between it and neighbouring local authorities through the new Leeds City Region, bode tremendously well for Wakefield and make it ideally placed to respond quickly following this current downturn.”

The report also suggests that new property developments are well placed to continue after being put on hold. such as Trinity Walk, which will see construction begin in 2010.

The report highlighted several new property developments within the city that would help boost its offering to businesses and potential residents such as the £140m mixed-use Merchant Gate scheme and the £100m Wakefield Waterfront project.

DJ praised the council’s £373m four-year spending programme as a well-timed response to the economic downturn that will help provide the necessary infrastructure the city needs to develop.

It said that Leeds’ growing status as a key UK financial services centre meant that Wakefield – with its location and higher than average level of skilled administrative and secretarial workforce – was well placed to develop its role as a pivotal support hub.

It also commended the city’s growing cultural industries as another potential growth sector, pointing to already well-known destinations like the Yorkshire Sculpture Park.