A new study has some good news for the Huddersfield economy at the start of 2023.
The Irwin Mitchell City Tracker expects Huddersfield’s economy to return to growth in the second half of this year.
The City Tracker study has been produced by the Centre for Economics and Business Research (Cebr) and examines 50 locations across the UK, forecasting future growth in terms of gross value added (GVA) – a measure of economic activity – and employment.
The report, which estimates that the UK entered into recession in the second half of 2022, expects economic growth to resume in the second half of 2023.
According to the research, Huddersfield’s economy is estimated to be amongst the least hard hit by the cost-of-living crisis, ranking an impressive third place on the Q4 2022 table for GVA growth, only behind Reading and Inner London.
Looking ahead, the report says that annual contractions in economic output and employment are expected across 2023 for Huddersfield. However, in Q4 2023, Huddersfield is expected to see the beginnings of a recovery, with 0.3% annual GVA growth forecast.