The Yorkshire economy is showing clear signs of recovery and is now gathering real momentum. Different regions have distinct economic profiles, strengths and weaknesses and Yorkshire and the Humber is taking impressive strides to modernise its industrial base and build a knowledge economy.
The aim is to produce a more dynamic environment in which greater numbers of businesses start up and survive. Through this, more jobs can be created, ensuring that a healthy economy spreads prosperity to all its citizens.
In the past two decades the region has suffered from the decline of traditional industries with substantial job losses in coal mining, steel, engineering, textiles, rail administration and maintenance, and defence. These losses have been partly balanced by growth in financial, legal and telephone-based services, and the high technology sector is growing strongly.
The region’s towns, cities and rural communities are changing rapidly to meet the challenges ahead. Leeds is already recognised as an important financial service centre and is playing an increasingly key role in driving forward the sub-regional economy. The challenge is to establish more companies where competitive edge is based on knowledge, creativity and skills, producing high value added products and services.
The region’s universities are a major asset which must be built upon to enable its companies and people to compete effectively in today’s knowledge economy. The current and future economic potential for Yorkshire is in areas such as port-centric economic development, off-shore wind turbine manufacturing and other renewable energy projects such as bio-fuel, anaerobic digestion, tidal power and carbon capture, etc.
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