Leeds leads Yorkshire’s investment surge

Leeds and Yorkshire have “bucked the UK trend” by seeing sharp rises in foreign investment projects, according to EY’s latest UK Attractiveness Survey.

Leeds ranked fifth among UK cities outside London for attracting foreign direct investment (FDI) in 2024, maintaining 16 projects and moving up from seventh place the previous year. 

The broader Yorkshire and the Humber region also saw a 53 per cent rise in FDI projects, increasing from 34 to 52, which was in sharp contrast to the national picture, which saw a 13 per cent decline.

Manufacturing was a key driver in Yorkshire and the Humber, with 24 projects representing more than double last year’s total.

Meanwhile, the agri-food sector experienced exceptional growth, jumping from just one project in 2023 to ten in 2024. 

Overall, Yorkshire and the Humber was the UK’s sixth best-performing region in the UK for attracting FDI projects in 2024, creating over 4200 jobs in the process.

Tim West, managing partner at EY’s Leeds office, said: “Yorkshire and the Humber bucked the UK trend in 2024, with FDI projects in the region up by more than 50 per cent year-on-year despite a national decline. 

“The region’s strong performance was underpinned by its manufacturing prowess, which continues to shine brightly despite the impact of a range of economic headwinds. 

“Meanwhile, FDI-related employment in 2024 was more than double the previous year’s figure, underscoring the tangible value that inward investment can bring to people across the region. 

“Our survey highlights that access to a skilled workforce, the availability of partners and suppliers and the strength of local transport infrastructure are key criteria for global investors when considering locations outside of London. 

“This should be encouraging for our region’s prospects, given its dynamic range of vibrant companies and its talented workforce.”

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