Economy
The city region has a diverse economy consisting of around 100,000 businesses, generating around £52 billion a year and is becoming recognised as a national centre for financial and business services. Leeds is at the economic heart, with some 124,000 people engaged in financial services. The city is the UK's second largest financial and legal centre. There is a large conference industry in Harrogate where the UK's third largest integrated conference and exhibition centre, Harrogate International Centre, is located.
Rural areas have diversified with a mixed economy combining a range of employment opportunities alongside agriculture and a strong tourism base. Regardless of this, poor physical connectivity has hampered growth in rural areas. Agriculture has declined and there are pockets of severe deprivation and social exclusion. There are problems of housing affordability and poor access to services.
Although like most of the UK manufacturing has declined, the city region retains role in the UK’s manufacturing base which has emerged from a period of restructuring and moved into producing higher value goods, managing off-shored elements of production and concentrating on research and development activity. The south and west of the region have historically had industrial based economies, although they have been moving away from this in recent decades. Huddersfield, for example, has been developing in the creative industries sector.
Read more about this topic: Leeds City Region
Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)