Sheffield is a city on the up, with an ever-growing economy to match. It’s estimated that the Sheffield economy is currently worth £7 billion per year – a £4 billion increase since 1997 and it seems that the Sheffield City Region (SCR) aim to maintain this upward trajectory, with a 10 year ‘Strategic Economic Plan’ being put into place in 2015.
The plan itself sets out to transform the city of Sheffield, aiming to grow both business activity and jobs. The strategy’s main goals include:
- More jobs
- More highly skilled occupations
- More businesses
- Increase in GVA
Sheffield is currently behind when it comes to the number of jobs available in the city compared to others in the UK, and one of the aims of the plan is to increase this number by 70,000 in order to close the gap. Alongside the 70,000 new jobs, the plan is expected to increase the number of highly skilled occupations to 30,000 in order to create a more prosperous economy in general. With the number of jobs expected to increase, as mentioned earlier, there will be a need for more businesses to accommodate the new roles. The SCR aim to increase the number of business by an estimated 6,000 to help reduce the enterprise deficit. With all of the aforementioned goals combined, the SCR hope to see an increase in GVA in excess of £3billion with a view to narrowing the productivity gap.
With the Strategic Economic Plan now well underway it’s estimated that the Sheffield economy is currently worth £7 billion per year – a £4 billion increase since 1997, and it seems that the Sheffield City Region aim to maintain this upward trajectory. The impressive growth in Sheffield has only added to the reason’s investors continue to look at the city. Sheffield itself is filled with culture and character, offering a wide variety of appealing qualities for all demographics - including two world renowned universities, numerous companies situated in the city and easy access to the stunning Peak District to name a few. The cultural appeal of Sheffield ensures consistent demand from tenants for high-quality property, and property investors can expect a very good return in their investment – with the average yield in the city centre coming in at 6.7% according to PropertyData.co.uk.
It is clear to see the immense potential the South Yorkshire city has to offer, and the SCR’s Strategic Economical Plan is set to continue to boost the already impressive economy. Now is the perfect time to invest in Sheffield, and if you’re interested, we have just the investment for you! Click here for more information regarding our latest development in Sheffield – Great Central.