In 2014, Yorkshire was voted in the top 3 for the best regions in the world to visit (1), so it’s no surprise that the region’s economy has been growing faster than the national average (2). Between 2011 and 2013, the average growth rate in the UK was 5.8%, but North Yorkshire saw growth of 6.2% (2).
Residents of Harrogate, the famous spa town, are clearly pleased with the growth in the area, with their town being named as the happiest place to live in Britain for the last 3 years (3).
The area is also home to the North York Moors National Park which attracts 10 million visitors per year (4). The National Park is just a ten minute drive from the latest mixed-use property on our website.
£1.7 billion will be invested into a small part of the North York Moors National Park to develop a potash mine that will create over 1,000 jobs and help restore the mining heritage to the area. It is predicted that the mine will increase North Yorkshire’s economy by 10% and £48 million is also being invested in the surrounding area, as it continues to recover from the loss of the mining industry (5).
The region depends heavily on tourism, and 7% of the population is employed in this sector, which contributes £7 billion to the region’s economy (6). New jobs are also being created by Coventry University, as they build a new university campus on the coast which aims to address the need for skills in the local economy (7).
The Finance for Business North East programme has been dedicated to the area with an investment of £142 million to provide debt and equity funding to local SMEs (including in North Yorkshire). By the end of the programme, it is expected to create over 5000 jobs and support almost 1000 businesses (8).
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Disclaimer and Legals
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Sources
2 http://www.yorkpress.co.uk/news/13635441.North_Yorkshire_economy_outpaces_national_average__says_report/?ref=rss
3 http://www.independent.co.uk/news/uk/home-news/happiest-places-in-the-uk-harrogate-tops-list-for-third-year-in-a-row-10443335.html
4 http://www.north-york-moors.co.uk/economy.html
5 http://www.theguardian.com/environment/2015/jun/30/north-york-moors-potash-mine-gets-17bn-go-ahead
6 http://www.yorkshire.com/mediacentre/yorkshire-facts
7 http://www.thenorthernecho.co.uk/news/11841810.New_university_campus__could_boost_North_Yorkshire_coast_economy_by___1bn_/
8 http://www.northeastfinance.org/about-us.aspx
