City of Bradford - Economy

Economy

See also: List of companies based in Bradford

The economy of Bradford is worth around £7 billion, contributing around 8.4% of the region's output, and making the district the third largest after Leeds and Sheffield in Yorkshire & Humber. Traditionally based on the wool and textile industries, manufacturing is still strong, accounting for around 1 in 5 jobs. The city’s service-sector economy accounts for 77% of the district's 195,000 jobs, with today's fastest-growing sectors including information technology, financial services, tourism and retail headquarters and distribution. The district is home to a number of large businesses with recognised brands operating on a national and international scale such as Morrisons, Pace Plc and Hallmark Cards. Three of the UK’s biggest financial institutions are based in Bradford: Yorkshire Building Society, Bradford & Bingley Building Society and Provident Financial. It is also home to nationally outstanding cultural businesses, a strong group of new media companies, and a significant national institution in the National Media Museum. Tourism is worth over £400 million to the local economy, and employs over 10,000 people. Bradford’s exports are worth almost £700 million.

The city’s working-age population has risen by 3.3% since 2000—faster than any UK city outside London, whilst the population of the city itself is growing by twice the national average. Bradford has a younger age profile than the Yorkshire & Humber regional average and the national average, with the younger age groups forming a greater proportion of the population in comparison. Bradford has been named by research group OMIS as one of the top six cities in the UK equipped for future growth, and the CBI reports that business confidence is higher in Bradford than in the UK as a whole, whilst £1.5 billion of construction work is transforming Bradford in a bid to attract further investment.

As of the 2001 UK census, Bradford had 326,774 residents aged 16 to 74. 2.5% of these people were students with jobs, 7.6% looking after home or family, 6.1% permanently sick or disabled and 4.5% economically inactive for other reasons. The City of Bradford has a lower economic activity rate than West Yorkshire, the regional average for Yorkshire and the Humber and the national average. Conversely Bradford has a higher economic inactivity rate than all these areas and also has a lower employment rate.

Manufacturing is still strong in Bradford and accounts for almost 12% of all jobs, and the city’s service-sector economy accounts for 82% of the district's 192,000 jobs. The entrepreneurial spirit is more present in Bradford than generally in the UK, with start-ups accounting for 12% of the business community.

Bradford’s GVA is over £6 billion.

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Famous quotes containing the word economy:

    “The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
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