Derby has been forecast to create thousands of new jobs and have the fastest-growing economy of any city in the East Midlands by the end of 2023.
New figures from Irwin Mitchell’s UK Powerhouse report says that Derby will see the number of jobs available grow to 3,600 by the end of 2023. By this time, the value of goods and services produced in the city is expected to hit £7.1 billion, growing by two per cent over 12 months.
This makes it the fastest-growing city in the region, outpacing nearby Nottingham and Leicester are forecast to have 1.7 per cent growth, respectively, and Sheffield is projected to have 1.5 per cent growth. However, experts say more foreign investment is needed to maintain the pace.
While Irwin Mitchell has warned that the Midlands is still set to lag behind its southern counterparts, with many southern cities expected to have higher growth, business representatives in Derby have said the news is positive.
John Forkin, managing director of Marketing Derby, said: “This is really good news as it shows that the city’s economy has weathered the pandemic better than we once feared it might. It is testament to the tech-based nature of many of our employers, large and small.
“Marketing Derby continues to see a real appetite for continued investment, as evidenced by the cranes and active construction sites in any walk around the city. The pipeline looks healthy, and we are hoping to be able to welcome new employers to the city soon.”