With an economy worth £64.6billion, Leeds is forecast to grow 21% over the next 10 years.
The economy of Leeds is the most diverse economy of all the UK's main employment centres and has seen the fastest rate of private-sector jobs growth of any UK city and has the highest ratio of public to private sector jobs of all the UK's Core Cities. Leeds has the third-largest jobs total by local authority area with 480,000 in employment and self-employment at the beginning of 2015.[2]
Leeds is the largest legal and financial centre in England outside of London,[2][3] and third largest in the UK after Edinburgh, and in 2011 its financial and insurance services industry was worth £2.1billion.[2][4] with more than 30 national and international banks located in the city.[3]
Leeds is also the UK's third largest manufacturing centre with around 1,800 firms and 39,000 employees, Leeds manufacturing firms account for 8.8% of total employment in the city. The largest sub-sectors are engineering, printing and publishing, food and drink, chemicals and medical technology.[5] Leeds is also ranked as a gamma world city by the Globalization and World Cities Research Network;[6] Over the next ten years, the economy is forecast to grow by 25% with financial and business services set to generate over half of GVA growth over that period with finance and business services accounting for 38% of total output. Other key sectors include retail, leisure and the visitor economy, construction, manufacturing and the creative and digital industries.[2]
Leeds' growth has helped to change the economic geography of the United Kingdom, as Leeds is now the largest financial centres in Britain outside the capital.[3] New tertiary industries such as retail, call centres, offices and media have contributed to a high rate of economic growth since the early 1990s. Leeds was successful in becoming the first British city to have full broadband and digital coverage during the dot-com bubble, enabling it to become one of the key hubs in the emerging new media sector. Companies such as Freeserve, Energis, Sportal, TEAMtalk, Contactmusic.com and Ananova emerged from Leeds to dominate the UK internet industry. Now, over 33% of the UK's internet traffic passes through Leeds, making it one of the most important regional internet centres in the UK.
Economic indices
Below is a collection of economic indices featuring Leeds. It is important to remember that while useful, surveys and indicators have limitations, and are at times subjective and incomplete. For example, no complete list of factors affecting quality of life can be created, and the way people weight these factors differs.
Quality of life
5th in the UK for quality of life (2013), according to a rating of the UK's 12 largest cities. The cities were assessed on a range of factors including property market activity, rental costs, salary levels, disposable income growth, cost of living, unemployment rates and life satisfaction.[7]
4th most deprived local authority in England in terms of income and employment according to the 2010 English Indices of Deprivation.[8]
15th in the UK amongst big cities for 'cycle-friendliness' (2010).[9]
Business
Cushman & Wakefield European Cities Monitor (2010) - A survey based on the views of 500 European businesses of Europe's leading business cities.[10]
Overall 23rd in Europe, 4th in the UK after London, Manchester and Birmingham, best city to locate a business based on factors which are disaggregated below.
16th in Europe, 4th in the UK after London, Birmingham and Manchester, for ease of access to markets, customers or clients.
17th in Europe, 4th in the UK after London, Manchester and Birmingham, for best qualified staff.
20th in Europe, 4th in the UK after London, Manchester and Birmingham, for quality of telecommunications.
18th in Europe, 4th in the UK after London, Manchester and Birmingham, for external transport links to other cities and internationally.
1st in Europe and the UK in terms of value for money of office space.
10th in Europe, 1st= in the UK with Glasgow, for cost of staff.
7th in Europe, 3rd in the UK after Manchester and Birmingham, for availability of office space.
21st in Europe, 5th in the UK after London, Manchester, Glasgow and Birmingham, for climate governments create for businesses.
24th in Europe, 4th in the UK after London, Birmingham and Manchester, in terms of languages spoken.
15th in Europe, 3rd in the UK after London, and Manchester for ease of travelling around within the city.
In the same survey, when asked how well companies know each of the cities as a business location, 19% said they were familiar with Leeds as a business location. This was the 6th highest in the UK after London (82%), Manchester (33%), Birmingham (28%), Edinburgh (25%) and Glasgow (21%).
In 2012, Leeds' GVA was £18.8bn ($33.2bn) accounting for 1.4% of UK GVA. It also accounts for 44% of the GVA of West Yorkshire, and 20% of the GVA of Yorkshire and Humber. Leeds is by far the largest centre of economic activity in the Yorkshire and Humber region: it is 80% higher than Sheffield's and 117% higher than Bradford's, for example. Compared with other major UK cities and conurbations, its GVA is exceeded only by London (comprising five NUTS 3 areas - £309.3bn), Greater Manchester South (£34.8bn) and Birmingham (£21.2bn).[11]
In 2012, the economy of Leeds remained 2.6% behind its peak output in 2008.
Over the last 10 years, GVA growth in Leeds was marginally lower than West Yorkshire, but equal to the region as a whole. Growth was also lower than the UK as a whole. Over the last 5 years, again it was lower in these three areas.[12]
1excluding Leeds, included Birmingham, Bristol, Liverpool, Manchester, Newcastle, Nottingham and Sheffield
Productivity
GVA per employee in Leeds is estimated to be £46,900 per employee in 2012. It is higher than other areas in the region, but lower than London. It was higher than all other NUTS 3 areas except Edinburgh (£54,100).[12] Growth between 2007 and 2012 was 7% - equal 9th of all comparable 18 NUTS 3 areas.
The 2012 mid-year estimate for the population of Leeds was 757,700, and growth between 2011 and 2012 was estimated to be 0.93%, the second lowest of the Core Cities ahead of Liverpool (0.83%).
Leeds has nearly 1,800 companies engaged in a diverse range of manufacturing activities, including specialised engineering, print, food and drink manufacture, chemicals and medical technology. Employing well over 144,200 people, the sector generates 10.8% of Leeds’ total output of over £15 billion a year. Most Leeds manufacturing companies are small to medium-sized. Major companies include Siemens and Mitsubishi, ARLA foods and DairyCrest.
Vehicle production
Optare buses were made in Cross Gates until 2010 when production was moved to new facilities at Sherburn-in-Elmet. Ginetta sports cars are made in Garforth. Treves UK have a factory in Leeds as well as one at nearby Knaresborough manufacturing components for car interiors.
Food production
Food production makes up part of the Leeds manufacturing base. Arla Foods UK are based at Stourton, Northern Foods based at Cross Green and Goldenfry at Wetherby. Supercook were based in Leeds but have since also relocated to Sherburn-in-Elmet. Brewing has for sometime been prominent in Leeds. The Tetley's Brewery was until its closure in 2011 the main site for this, Carlsberg-Tetley's still have a distribution centre at Tingley. The Leeds Brewery still brew beer in Leeds as does the reopened Kirkstall Brewery (although not at the original site).
Unilever manufacture a variety of goods at their factory in the city's Whinmoor district.
Chemicals
The city's main chemical producer, Yorkshire Chemicals closed both its Hunslet and Kirkstall plants in the 2000s. Rhodia UK also closed their smaller chemical works in Wortley, demolition was approved in 2011.[21] There remains however several chemical works within the city, including E Chem in Kirkstall, Clariant in Rawdon and Chemsol in Hunslet.
Financial and professional services
Leeds is one of the largest business centres in the United Kingdom, around a quarter of a million people are employed in the financial and professional sector in the Leeds City Region with an output valued at £13billion per year.[22]Financial and professional services are largely based around the traditional business quarter in the city centre, as well as the newer area along the South bank of the River Aire.[23] Many smaller legal and professional firms occupy the smaller Georgian office buildings around Park Square, while many banks and insurance underwriters are set around Park Row and East Parade. First Direct have their headquarters some distance from the main business districts in the industrial Stourton area.[24]
Unlike many comparable Northern cities, Leeds had a mixed economy throughout the latter half of the 20th century and so did not suffer the same industrial decline as other cities.[25] However, by the 21st century Leeds' economy went into economic decline following the Great Recession, and unlike comparable Northern cities, it is yet to recover economically.[11] The service sector of the economy flourished in the 2000s, with legal, accounting, consultancy, banking, insurance and recruitment firms moving to the city. In 2002 it was estimated that 38,000 new jobs would be created in Leeds over the next ten years, and most would be in the financial services sector.[26]
Leeds is the 3rd largest retail destination in the UK outside of London and a major hub for retail in Europe. The range of shopping facilities, from individual one-off boutiques to large department stores such as Harvey Nichols and Louis Vuitton outlets, has greatly expanded the Leeds retail base. The Victoria Quarter, several existing arcades connected together by roofing the entirety of Queen Victoria Street with stained glass, is located off Briggate, Leeds' main shopping street.
In October 2016 Leeds' newest shopping centre Victoria Gate was opened, bringing a flagship John Lewis store to the city, along with a variety of luxury brands. Leeds features many stunning Victorian arcades, each with their own original features and unique charm: Thornton's Arcade, Queens Arcade, Grand Arcade and Central Arcade. Other popular shopping attractions include Leeds Kirkgate Market (founding place of the first Marks & Spencer and one of the largest indoor markets in Europe), Trinity Leeds, Crown Point Retail Park, The Light, The St John's Centre, The Merrion Centre Leeds, Birstall Retail Park and the White Rose Centre.
Leeds has received several accolades in the field of tourism: it was named a Top 10 European Destination in 2017 by Lonely Planet; in the 2017 Condé Nast Traveler survey of readers, Leeds rated 6th among The 15 Best Cities in the UK for visitors.[33] Earlier awards included being voted by Condé Nast Traveler magazine Readers' Awards as the "UK's favourite city" in 2004, "best English city to visit outside London" in 2005, and also "visitor city of the year" by The Good Britain Guide in 2005.
Situated close to the UK's geographical centre, the city benefits from good transport connections with the M1 running from Leeds to London, the M62 connecting Leeds with Manchester and the seaport cities of Hull and Liverpool, and the A1(M) for linking to the north. Leeds Bradford Airport is a rapidly growing regional UK airport, with an 87 per cent growth in terminal passenger numbers in the last five years.[34][35] Over 450 weekly flights connect the city to over 70 major European business and holiday destinations.[36]
Tourism in Leeds is estimated to support over 20,000 full-time equivalent jobs, and on average Leeds attracts around 1.5million people annually who stay overnight, plus a further 10million who visit on day trips. In 2009 Leeds was the 8th most visited city in England by UK visitors[37] and the 13th most visited city by overseas visitors.[38][39] Visitors to the city bring nearly £735million into the local economy each year. Major national and regional attractions include the Royal Armouries Museum, Leeds Art Gallery, the Henry Moore Institute and the West Yorkshire Playhouse. Leeds is also the only city outside London to have both its own opera and ballet companies – Opera North and Northern Ballet Theatre, both internationally renowned.
By 2016, Leeds received 27.29 million leisure tourist visits generating over £1.6bn for the city, according to data from a STEAM survey. That was a 15.9% increase in revenue over 2015. A 9.7% increase in visits had been recorded since 2013.[40][41] The industry supported over 19,000 full time equivalent jobs in 2016.[42]
The station is the busiest rail station in the North of England, with 31 million passengers passing through annually, putting it on a par with London King's Cross.[43] Plans are in place to improve public transport in Leeds, making it a car free city with upgrades to railway, bus services, and cycle lanes.[44][45][46]
The main type of public transport in Leeds is bus services. Leeds City bus station (on Dyer Street) has long-distance bus services to nearby towns and cities and local area services. Bus networks are widespread throughout the city. Leeds is served by Leeds Bradford Airport, with connections to most major European cities. Air connections to Heathrow (British Airways) and Amsterdam (KLM & Jet2.com) are available.
Leeds has seen a whole host of development taking place across the city centre, from new student living in close proximity to the First Direct Arena, to the regeneration of the area south of the river known as Leeds South Bank. Leeds South Bank represents one of the largest single city centre regeneration initiatives in Europe, the regeneration of the 253ha South Bank, supported by the transformation of Leeds Station to include HS2, will double the size of Leeds City Centre. Already a hub for National HQs, award-winning residential development and workspaces for the creative sectors, its regeneration will facilitate development of 8,000 homes by 2028 and over 35,000 jobs.
In recent times Leeds has seen many new developments, with high rise schemes making a much larger mark on Leeds' skyline. Sixteen skyscrapers are currently under construction or proposed, all of them taller than West Riding House (262ft or 80m) – Leeds' tallest building from 1972 to 2005.[50]Bridgewater Place, known locally as 'The Dalek',[51] became the tallest building in Leeds and Yorkshire.
The economy of the United Kingdom is a highly developed social market economy. It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power parity (PPP), and twenty-first by nominal GDP per capita, constituting 3.1% of nominal world GDP. The United Kingdom constitutes 2.3% of world GDP by purchasing power parity (PPP).
Yorkshire and the Humber is one of nine official regions of England at the first level of ITL for statistical purposes. The population in 2021 was 5,481,431 with its largest settlements being Leeds, Sheffield, Bradford, Hull, and York.
West Yorkshire is a metropolitan and ceremonial county in the Yorkshire and the Humber region of England. It borders North Yorkshire to the north and east, South Yorkshire and Derbyshire to the south, Greater Manchester to the south-west, and Lancashire to the west. The city of Leeds is the largest settlement.
Bradford, also called the City of Bradford, is a metropolitan borough in West Yorkshire, England. It is named after its largest settlement, Bradford, but covers a larger area which includes the towns and villages of Keighley, Shipley, Bingley, Ilkley, Haworth, Silsden, Queensbury, Thornton and Denholme. Bradford has a population of 528,155, making it the fourth-most populous metropolitan district and the sixth-most populous local authority district in England. It forms part of the West Yorkshire Urban Area conurbation which in 2011 had a population of 1,777,934, and the city is part of the Leeds-Bradford Larger Urban Zone (LUZ), which, with a population of 2,393,300, is the fourth largest in the United Kingdom after London, Birmingham and Manchester.
The economy of England is the largest economy of the four countries of the United Kingdom. England's economy is one of the largest and most dynamic in the world, with an average GDP per capita of £34,690 in 2021.
The economic geography of the United Kingdom reflects its high position in the current economic league tables, as well as reflecting its long history as a trading nation and as an imperial power. This in turn was built on exploitation of natural resources such as coal and iron ore.
The economy of Birmingham is an important manufacturing and engineering centre, employing over 100,000 people in the industry and contributing billions of pounds to the national economy. During 2013, the West Midlands region as a whole created UK exports in goods worth £19.6 billion, around 8.73% of the national total.
The Core Cities Group is a self-selected and self-financed collaborative advocacy group of large regional cities in the United Kingdom outside Greater London and Edinburgh. The group was formed in 1995 and serves as a partnership of eleven city councils: Belfast, Birmingham, Bristol, Cardiff, Glasgow, Leeds, Liverpool, Manchester, Newcastle, Nottingham and Sheffield.
In England, the term North–South divide refers to the cultural, economic, and social differences between:
Bristol is a city in south west England. Its economy has long connections with the sea and its ports. In the 20th century aeronautics played an important role in the economy, and the city still plays a role in the manufacture of aircraft. Bristol is also a tourist destination, and has significant media, information technology and financial services sectors. Reports released in 2018 showed that the city is growing exponentially with a projected 2.3 percent annual growth rate until 2020.
Edinburgh, the capital city of Scotland, is a powerhouse of the Scottish economy, as well as the wider UK economy. Edinburgh has been consistently one of the most prosperous parts of the country and has the strongest economy of any city in the UK outside London. Financial Times FDi Magazine has named Edinburgh as the "Best Large European City of the Future" and "Best Foreign Direct Investment Strategy " for 2012/13.
The economy of London is dominated by service industries, particularly financial services and associated professional services, which have strong links with the economy in other parts of the United Kingdom (UK) and internationally. In addition to being the capital city of the United Kingdom, London is one of the world's leading financial centres for international business and commerce and is one of the "command centres" for the global economy.
Leeds is a city in West Yorkshire, England. It is the largest settlement in Yorkshire and the administrative centre of the City of Leeds Metropolitan Borough, which is the second most populous district in the United Kingdom. It is built around the River Aire and is in the eastern foothills of the Pennines. The city was a small manorial borough in the 13th century and a market town in the 16th century. It expanded by becoming a major production centre, including of carbonated water where it was invented in the 1760s, and trading centre for the 17th and 18th centuries.
Transport in Leeds consists of extensive road, bus and rail networks. Public transport in the Leeds area is coordinated and developed by West Yorkshire Metro. The city has good rail and road links to the rest of the country. Leeds railway station is one of the busiest in Britain, and Leeds is connected to the national road network via the A1(M) motorway, M1 motorway and M62 motorway. The city is served by Leeds Bradford Airport.
The economy of Manchester is among the largest in England. Manchester is a city and metropolitan borough of Greater Manchester. It lies within the United Kingdom's second-most populous urban area, with a population of 2.55 million. Manchester's commercial centre is in Manchester city centre, focused on Spinningfields, Mosley Street, Deansgate, King Street and Piccadilly Gardens.
As the capital city of Wales, Cardiff is the main engine of growth in the Welsh economy; the city has been developing as a significant service centre and economic driver for the wider south east Wales economy. The city and the adjoining Vale of Glamorgan contribute a disproportionately high share of economic output in Wales. The Cardiff travel to work area has grown significantly since 1991; the 2001-based version includes much of the central South Wales Valleys in addition to the Vale of Glamorgan.
Bradford is a city in West Yorkshire, England. It became a municipal borough in 1847, received a city charter in 1897 and, since the 1974 reform, the city status has belonged to the larger City of Bradford metropolitan borough. It had a population of 349,561 at the 2011 census; the second-largest subdivision of the West Yorkshire Built-up Area after Leeds, which is approximately 9 miles (14 km) to the east. The borough had a population of 546,976, making it the 9th most populous district in England.
The Leeds City Region, or informally Greater Leeds, is a local enterprise partnership city region located in West Yorkshire, England. Prior to the West Yorkshire devolution deal, the partnership covered parts of South and North Yorkshire. According to the Office for National Statistics, as of 2017 the city region ranked 2nd behind Greater London for both population and GVA in the United Kingdom. It has a population of 2,320,214 million and a GVA of £69.62 billion.
Leeds, also known as the City of Leeds, is a metropolitan borough with city status in West Yorkshire, England. The metropolitan borough includes the administrative centre of Leeds and the towns of Farsley, Garforth, Guiseley, Horsforth, Morley, Otley, Pudsey, Rothwell, Wetherby and Yeadon. It has a population of 809,036 (2021), making it technically the second largest city in England by population behind Birmingham, since London is not a single local government entity. Local governance sits with Leeds City Council and the city's 32 Parish Councils.
The economy of Liverpool encompasses a wide range of economic activity that occurs within and surrounding the city of Liverpool, England.
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