Could Sunderland have the fastest growing economy in the region?

According to the latest figures from Irwin Mitchell’s UK Powerhouse study, Sunderland has one of the fastest growing economies across the country.

The research has shown that the city had a fast growing economy in late 2017, with Sunderland supposedly outperforming rival cities in the region.

The UK Powerhouse study is produced by Irwin Mitchell and the Centre for Economics and Business Research (CEBR).

Published this month, the latest report revealed that Sunderland gained year-on-year gross value added (GVA) growth of 1.5 per cent across the fourth quarter of 2017, which made it the sixth best performing city in the UK over the period analysed.

Victoria Brackett, chief executive of Irwin Mitchell’s business legal services division, said: “Our report highlights that the faster rates of economic growth continue to be concentrated in locations in the South and around the so-called ‘Cambridge-Milton Keynes-Oxford Arc’.

“All businesses need to operate in an economic environment that allows them to flourish and we firmly believe the government can do more.”

In comparison, Newcastle recorded GVA growth of 1.1 per cent across the quarter, while Middlesbrough’s rate stood at 0.8 per cent.

Looking ahead to the near and long-term future, the report sadly hinted that all three of the North East’s major cities are likely to struggle in the coming years.

By Q4 2028, it is expected that growth in Sunderland will have slowed to 0.7 per cent, with Newcastle and Middlesbrough predicted to record rates of 0.6 per cent and 0.3 per cent respectively.

Employment growth across each of the areas is also expected to slow to 0.3 per cent in the next decade.