A Staffordshire city is forecast to have one of the fastest growing economies in the UK over the next few years.
The latest projections by professional services giant EY show Lichfield having annual average GVA growth of 2.4 per cent between 2024 and 2026 – joint fourth highest in the country and best in the West Midlands.
Nationally, Reading came out on top with 2.7 per cent growth, followed by London (2.6 per cent) then Manchester (2.5 per cent).
Lichfield’s economic growth is also set to drive a strong employment performance, with the city also in the top 10 UK locations for jobs growth.
It is forecast to see annual employment growth of 1.5 per cent between 2024 and 26 – compared to the UK average of 1.3 per cent.
Much of Lichfield’s success is attributed to its burgeoning retail and real estate sectors.
Average UK growth for towns and cities was predicted at 2.1 per cent per year – with four of the five slowest growing areas in the North – Rotherham (1.4 per cent), Hartlepool (1.4 per cent) and Plymouth (1.4 per cent) Durham (1.2 per cent), Hull (1.2 per cent).
The forecast also looked at regions, with the West Midlands set to be one of the UK’s fastest growing. It is one of five regions set to match or beat UK average annual GVA growth of 2.1 per cent between 2024 and 2026.
However, it is expected to contract 0.8 per cent this year, compared to an overall UK contraction of 0.6 per cent.
Simon O’Neill, Managing Partner at EY in the Midlands, said: “Sectors continue to play a key role in forecast performance at a city and town level.
“The pandemic put pressures on city centres or supply chain-dependent manufacturing areas… and the rising cost of living is likely to have the biggest impact in places that are dependent on the local High Streets or public sector jobs.”
He added: “Beyond this year, the region has significant opportunities. Our high-value sectors, like Advanced Manufacturing, Professional Services, HealthTech and Medtech and Information Communications will be enormously important for both regional and UK growth – and represent a real chance to level up the UK economy.”
The projections are more good news for Staffordshire. Earlier this year, Daily Focus reported how Stoke-on-Trent will be the second fastest growing in terms of post-recession job creation, according to a report by law firm Irwin Mitchell.
