Middlesbrough's consumer sector 'performing best out of entire UK'

According to a new report by law firm, Irwin Mitchell, Middlesbrough is outperforming both its North East rivals and the majority of the country in terms of the economic growth seen in its consumer sector.

The ‘Consumer Powerhouse’ report - in collaboration with the Centre for Economics and Business Research (CEBR) - also hints at a positive future for the town’s retail and leisure industries.

It has revealed that Middlesbrough’s consumer sector GVA growth rate of three per cent was the second-highest recorded in the UK in Q4 2017, with the town placed only marginally behind the best performer Bristol (3.1 per cent), and well above the national average (1.5 per cent).

Victoria Brackett, CEO of Irwin Mitchell’s Business Legal Services, said: “Our latest report paints a rosy picture for the consumer sector within Middlesbrough, with its current fortunes and short-term prospects looking very positive.

“While there could be various factors around this performance, it is worth noting that throughout 2017, footfall data has showed that the city experienced growth in numbers of shoppers despite the national trend being negative.”

Middlesbrough also recorded strong employment growth of 2.6 per cent within the sector, with the report also predicting that this will rise to 2.9 per cent by Q4 2018.

The town’s consumer sector GVA growth rate in Q4 2018 is forecast to again be one of the strongest in the UK at 2.7 per cent.

However, the report suggests a less positive picture in this region’s other major areas. While Newcastle’s consumer sector recorded above-average employment growth of 1.8 per cent in Q4 2017, GVA growth stood at just 0.3 per cent and is expected to drop to 0.1 per cent by Q4 2018.

In addition, Sunderland was home to the seventh worst-performing consumer sector in terms of GVA growth in Q4 2017 with a rate of 0.2 per cent, while its position is expected to drop further in the next year.

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