An ambitious 10-year economic vision and delivery plan has been launched for Leeds, setting out a roadmap to generate £20million in economic growth and create 100,000 new jobs across the city.
Framed by national (National Industrial Strategy) and regional strategies (West Yorkshire Growth Plan), the Leeds Economic Vision builds directly on the city’s Leeds Ambitions and outlines seven bold steps for growth.
From driving investment and innovation through the city’s major sectors to raising the profile of the city on a global stage, as well as aligning place development and building resilience, it’s a clear plan of action and activity to power growth.
Leeds’s growth is built on a strong track record of delivery, with a positive future pipeline of projects that include; the £160m expansion of the Royal Armouries Museum, the Elland Road stadium expansion and regeneration, which has the potential to unlock billions in investment, along with the mixed use development at Aire Park which features the UK’s largest new city centre park and is supported by over £40m of infrastructure. This, along with working with the West Yorkshire Combined Authority to bring forward mass transit plans and improve connectivity, puts Leeds in a very strong position for accelerated growth.
The vision also identifies three key sectors for focused growth and investment:
- Financial and Professional Services (FPS): As the home of the “Northern Square Mile” and a sector accounting for 40% of Leeds’ GVA, the ambition is to double its growth, creating 50,000 new jobs. This includes establishing Leeds as a leading centre for FinTech, building on the institutional strength of having the Bank of England and the Financial Conduct Authority (FCA) based here.
- Digital & Tech: Home to over 3,000 digital and data companies, this thriving sector generated 12,000 jobs between 2015–2022. Through capitalising on new investments, such as Microsoft’s recent commitment to a hyperscale datacentre, the city will drive innovation and digital adoption.
- Health and HealthTech: Expanding the city’s international strengths in health innovation, aligning with the West Yorkshire Investment Zone.
The vision recognises that other sectors, including Construction and Advanced Manufacturing, remain vital to Leeds and its everyday economy.
Councillor Jonathan Pryor, deputy leader and executive board member for economy, transport and sustainable development for Leeds City Council said:
“Building on two decades of clear momentum, the launch of our Economic Vision and Delivery Plan gives us the roadmap for accelerating success and delivering measurable outcomes for our communities and therefore achieving our Leeds Ambitions.”
“Leeds has a remarkably strong and resilient economy. Despite the challenging environment, we were the only place in West Yorkshire to see significant growth in 2023, with GVA rising by 2.2% and employment growing 14% since 2015. Our plan sets out seven bold steps for growth, aiming to unlock economic growth and create 100,000 jobs as we also focus on closing the productivity gap—which could add £3 billion per year to the UK economy.
“However, we know our potential is even greater and through working as Team Leeds will achieve growth that is truly inclusive.”
Image credits: Leeds City Council