The UK’s second city has maintained its position as one of the top ten in the country for employment growth in the final months of last year.
Coventry and Wolverhampton weren’t too far behind their local rival ranked 11th and 13th respectively.
This is according to the UK Powerhouse study, produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr), which provides an estimate of gross value added (GVA) growth and job creation within 45 of the UK’s largest cities.
Published this month, the latest report revealed that the number of people in work in Birmingham grew annually by 0.7% in Q4 2017 to reach 553,800, figures which put the city firmly within the top ten cities in terms of employment growth.
In terms of GVA in Q4 2017, Coventry led the others and again took eleventh position overall with a year-on-year growth rate of 1.4%.
The region’s strong performance has been boosted for the high share of manufacturing jobs.
In 2016, manufacturing made up 11% of employment in Birmingham, compared to the average for UK cities of 8.8%.
The manufacturing sector has been enjoying an international competitive advantage since the post-Brexit vote depreciation of the pound, which has created opportunities for growth in employment and wages in this industry.
However, it was not all good news in the report, which also analysed the short and long-term prospects for each of the cities in the UK.
According to the findings, Birmingham, Coventry and Wolverhampton are all expected to drop down the table in terms of both GVA and employment growth in Q4 2018, with the trend expected to continue up to Q4 2028.
Commenting on the report’s findings, Chris Rawstron, partner in Irwin Mitchell’s Business Legal Services division in Birmingham, said:
“Our report highlights that the faster rates of economic growth continue to be concentrated in locations in the South and around the so-called ‘Cambridge-Milton Keynes-Oxford Arc’.
“All businesses need to operate in an economic environment that allows them to flourish and we firmly believe the government can do more for the Midlands Engine.”
KEYWORDS:
BIRMINGHAM, JOBS, MIDLANDS, COVENTRY, WOLVERHAMPTON, EVONOMICS, IRWIN, MITCHELL, RESEARCH