York set for bright future - report

10/06/2010

The city of York is set for a bright future after it left the recession in "great shape" a major economic study has revealed.
The city's economy declined at only half the national average rate last year according to the York Focus report, which was written by property consultancy Drivers Jonas Deloitte.
The report found that there was a 6% unemployment rate in the city last year, while there was a national average of 7.4%, and an even higher regional rate of 8.2%.
A measure of retail property values, capital retail growth, rose by 7.2% by the end of last year while nationally the figure fell, the York Focus report said.
Steep falls in property values were avoided in York, while they were seen in other areas. The cost of homes in the city remain above the national average.
Headline rents in the city's office sector fell by 50p to £14.50 sq ft last year, while vacancy rates rose to about 12%, the York Focus report found.
The outlook for future growth in the city remains positive Drivers Jonas Deloitte said.
Alex McCallion, assistant director from Drivers Jonas Deloitte in Leeds, said: "Like many of Yorkshire's towns and cities over the last decade, York has successfully shifted the focus of its economy away from manufacturing and industry."
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