Job creation in Derby is set to rise faster than anywhere in the East Midlands, according to a new report.
According to the latest Irwin Mitchell City Tracker, job creation in the city is set to rise 0.9% year-on-year increase in the final three months of 2023 to 135,300.
In comparison, Leicester is predicted to see job growth of 0.7%, while Nottingham’s rate of growth in this area is predicted to be 0.5%.
The Irwin Mitchell City Tracker is produced by the Centre for Economics and Business Research (Cebr) and examines 50 locations across the UK, forecasting future growth in terms of GVA and employment.
John Forkin, managing director of Marketing Derby, said: “While our manufacturing big-hitters continue to support and create new jobs through the innovation of new technology, concerted efforts are being made to diversify our economy.
“This year, a number of major job-creating developments are set to come on stream, which will help change the make-up of our workforce, and bring greater strength in depth.
“It is therefore welcome that this latest research suggests that Derby will lead the way in terms of regional jobs growth.”
According to the tracker, all cities in the East Midlands will see their economies return to growth in the second half of 2023.
Charlotte Rees-John, partner and head of Irwin Mitchell’s consumer sector, said: “Last year presented numerous challenges and the downward pressure on spending activity, which continues to be concentrated in the consumer sector, looks set to continue throughout the first half of 2023.
“The consumer sector has, however, been one of the most resilient, agile and innovative sectors in recent times and those businesses that succeed during 2023 will be in a very strong position to take advantage of a more stable economic environment in 2024.”
Josie Dent, managing economist at Cebr, said: “2023 will be a difficult year for consumers and businesses across the Midlands, with the cost-of-living crisis expected to lead to falling economic activity.
“However, Cebr forecasts that economic growth will resume in the second half of 2023, with most cities expected to see an annual expansion in GVA by Q4 2023.”
Credit: Marketing Derby