Yorkshire’s economy mirrors its size and diversity: with finance, legal, manufacturing, medical, digital, retail, food, agriculture and nuclear all strong sectors contributing to a healthy economy. On top of this tourism in Yorkshire is worth over £7 billion which is more than the total tourism expenditure of many other countries such as Ireland or Denmark.
Yorkshire is home to a number of companies with strong growth and export potential – especially in manufacturing. As the largest of England’s regions and with a population of almost 6 million (equivalent to Scotland’s total population), its economic output of £88 billion is significant – almost 7% of the UK’s total economic output.
Heavy industry past
Yorkshire lay at the heart of England’s Industrial Revolution in the 19th Century. It has a strong industrial legacy and manufacturing remains an important economic powerhouse in the region. At 11.7% of its workforce, the region has the second highest level of manufacturing jobs of any English region.
Key sectors with strong growth potential
Despite the decline of traditional industries such as coal, steel and textiles, the region has significant industrial capacity, fantastic natural resources and strengths in advanced manufacturing, low carbon, renewable energy, healthcare technologies and financial and business services.
Diversity is key
Leeds, in West Yorkshire, has one of the most diverse economies in the UK and is the UK’s largest centre for financial and business services outside London. These are also key sectors for York and North Yorkshire, with tourism another important industry for the area.
Sheffield’s economy was built on steel, engineering and cutlery – all of which have established a worldwide reputation. The city remains one of the country's foremost manufacturing areas, and a centre for advanced engineering, but it now also boasts a strong creative and digital sector.
Hull and East Yorkshire is fast becoming an international centre for renewable energy and healthcare technologies. Its Port Complex ranks fourth largest in Northern Europe and is one of the UK’s leading foreign-trading ports.