ECONOMIC growth in Yorkshire grew faster than the UK average during the final quarter of 2010, a top economist told business leaders in Huddersfield.
And the trend is continuing in 2011, according to Tom Vosa, head of market economics for Yorkshire Bank. Mr Vosa said manufacturing was proving to be a key strength in Yorkshire, where growth is topping domestic and export markets and remains well above the UK average.
Addressing an 80-strong audience at Huddersfield University’s new business school, Mr Vosa said: “We are also hearing stories of UK businesses which are ‘on-shoring’ or bringing manufacturing back to the UK due to the increase in transport costs and wages in China.
“Manufacturing performance is clearly leading service industries, which continue to struggle a little in the region. This is partly a reflection of continuing difficulties in financial services, which is predominant in Leeds, and ongoing consolidation in the wider banking sector.”
Mr Vosa said workforce skills would be a growing concern in coming months as it becomes apparent that many people needed re-training to benefit from jobs created in the private sector.
Public sector cuts were feeding through – with 30,000 jobs lost in Yorkshire in the health and social care sector in the year to September, 2010.
But Mr Vosa said those losses were being partly offset by growth in jobs in wholesale and retail.
