Robert Goodwill MP for Scarborough and Whitby, has praised local businesses for driving growth and boosting employment in the region, saying the “future is bright for Yorkshire”.
Mr Goodwill makes the comments following new research published this week by accountancy and business advisory firm BDO LLP.
According to the BDO Yorkshire Report, an annual review of business performance in the region, companies are basking in the glory of their post-recession recovery, with revenues in the region’s top 250 companies exceeding the £100bn mark.
These businesses have also created almost an extra 30,000 jobs in the reporting period, with employee numbers increasing from 591,000 to 620,000.
Interestingly, further analysis from BDO shows that it is medium-sized businesses – not large organisations – that are driving growth and prosperity in the region. Turnover, overseas sales and employee numbers are growing faster in the mid-market than they are among Yorkshire’s biggest businesses.
Mr Goodwill said: “Local businesses are growing strongly. They have bolstered employment levels, improved revenue streams and have also invested in overseas expansion, which is an important part of building long term, sustainable growth for our region.
“It is great to see the mid-market – often the unsung heroes of our economy – in great shape too. With renewed confidence, ambitious growth strategies and continued government support, they will fast become the big businesses and employers of tomorrow.”
The backbone of Yorkshire’s economy remains strong, with manufacturers accounting for 72 of the top 250 companies. Manufacturers saw profits before tax jump 38% in the reporting period. Retail, construction, TMT and the food & drink sector all contributed significantly to the local economy too.
Mr Goodwill added: “The region is bursting with new development and economic promise. Our local economy is built on solid foundations - we are not heavily reliant on one city, town or sector to create jobs and deliver long term prosperity. The future is bright for Yorkshire.”
The BDO Yorkshire Report 2015 is available to download here.