Sunderland had the sixth fastest growing economy in the country over the past quarter, seeing its GVA jump 1.5% to £5.7bn, a new report has shown.
The city’s growth has rounded off a strong six months for the city, which jumped 26 places up the national growth table – in a list of 45 – in the previous UK Powerhouse report.
Sunderland’s economy has benefitted from high levels of investment as well as the weak pound, which helped boost export activity.
In the winter report, Irwin Mitchell said: “Sunderland City Council revealed plans in 2015 to transform the city through investment in infrastructure, industry and education, as well as training which has started to have effect.
“The Sunderland Strategic Transport Corridor is now well into its second phase. When finished, the corridor will offer improved connectivity from the A19 to the Port of Sunderland.
“Sunderland’s economy has also benefitted from the weak pound boosting manufacturing exports, since the city is home to the UK’s largest car factory (Nissan Motor Manufacturing UK).”
While Sunderland has been enjoying a boom, Newcastle’s economy has been growing at a lower rate of 1.1% over the last quarter, though Newcastle’s GVA is much higher than Sunderland’s at £9.5bn.
Middlesbrough meanwhile was one of the slowest expanding economies in the UK and was ranked 42nd overall. Middlesbrough achieved a growth rate of 0.8%, taking its GVA to £3.3bn.
The report also suggested that all three of the North East’s major cities are likely to struggle over the coming years. By the end of 2028 it is predicted that Sunderland’s growth will have slowed to 0.7% Newcastle’s to 0.6%, while Middlesbrough’s will be 0.3%.
Cambridge has the fastest growing economy in the UK during the last quarter, after achieving growth of 2%.
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