Leeds is igniting a vibrant economic surge, aiming to conjure an astounding £20 billion in growth and summon up to 100,000 new jobs by 2034. This dazzling vision, intricately woven with the National Industrial Strategy and West Yorkshire Growth Plan, champions dazzling sectors like Financial and Professional Services, Digital & Tech, and HealthTech, while fiercely enhancing infrastructure and connectivity across the city.
What is Leeds’ economic vision for growth and job creation over the next decade?
Leeds’ economic vision aims to generate £20 billion in economic growth and create up to 100,000 new jobs by 2034. The strategy focuses on investment in Financial and Professional Services, Digital & Tech, and HealthTech sectors, while enhancing infrastructure, connectivity, and inclusivity across the city.
A Roadmap for Economic Transformation
Leeds has unveiled an ambitious economic vision, designed to propel the city to new heights over the next decade. This strategic roadmap, deeply integrated with the national National Industrial Strategy and the West Yorkshire Growth Plan, aims to generate £20 billion in economic growth and create up to 100,000 new jobs. By emphasizing both innovation and inclusivity, Leeds positions itself as a beacon for sustainable urban development and competitive industry leadership in the UK.
A central tenet of this plan is the continuation of Leeds’ positive growth trajectory, which, according to data shared in the city’s latest report, saw gross value added (GVA) increase by 2.2% in 2023 – a unique achievement within West Yorkshire. Employment growth has also been robust: a notable 14% rise has been recorded since 2015, a testament to the city’s resilient business ecosystem. The vision sets forth seven bold steps built on previous success, encompassing investment in key sectors, advancing place development, enhancing connectivity, and building economic resilience to future proof Leeds against unpredictable shifts.
The document is not merely descriptive, but lays out a tangible action plan to power this uplift. Projects such as the £160 million expansion of the Royal Armouries Museum, the Elland Road stadium expansion and area regeneration, as well as a mixed-use development at Aire Park featuring the UK’s largest new city centre park, underscore the city’s commitment. These and other major infrastructure enhancements are expected to act as catalysts, drawing billions in investment and broadening economic opportunities for residents and businesses alike. For a comprehensive look at the road ahead, the Leeds Economic Vision and Economic Delivery Plan outline every facet of this pioneering initiative.
Strategic Sectors Driving the Future
Three high-potential sectors have been singled out for focused growth and investment within Leeds: Financial and Professional Services (FPS), Digital & Tech, and Health and HealthTech. Each represents distinct opportunities for rapid value creation and international recognition for the city. Together, they form the backbone of Leeds’s strategy to double down on its most competitive industries.
Financial and Professional Services
Recognized as the home of the “Northern Square Mile,” Leeds’ Financial and Professional Services sector already accounts for 40% of the city’s total GVA. The vision here is twofold: to double the sector’s growth and to create 50,000 new jobs. “Establishing Leeds as a leading centre for FinTech is a central ambition,” the plan asserts. The city is uniquely positioned with major institutional strength, as it is home to both the Bank of England and the Financial Conduct Authority (FCA). Through enhanced collaboration, investment and leveraging synergies with these organisations, Leeds expects to attract fresh talent and international clients, further soliciting its reputation as a northern finance powerhouse.
Digital & Tech
Leeds’ digital and technology landscape features more than 3,000 digital and data enterprises. Over the seven-year period from 2015 to 2022, this sector added 12,000 jobs, and is poised for even more rapid growth. “Through capitalizing on new investments, such as Microsoft’s recent commitment to a hyperscale datacentre, the city will drive innovation and digital adoption,” leaders state. This vibrant ecosystem has cultivated a collaborative and entrepreneurial environment, supported by ongoing investment in educational pipelines and digital infrastructure – a combination seen as critical in fostering further advancements in artificial intelligence, software development, and tech-driven services.
Health and HealthTech
Expanding on its internationally acknowledged strengths in health innovation, Leeds plans to further align its HealthTech sector with the West Yorkshire Investment Zone. The city has long been an epicentre for medical research, biotechnology, and data-driven health systems, with one of the largest concentrations of medical institutions outside London. By prioritizing genomics, digital health records, and health data analytics, Leeds seeks not only domestic leadership but also the expansion of its global footprint. In synergy with these three anchor sectors, the city vision reflects the ongoing importance of construction and advanced manufacturing, which sustain the everyday economy and provide foundational employment for thousands more Yorkshire residents.
Pillars of Growth: Investment, Connectivity, and Inclusion
A transformative vision for any city must go beyond sectoral ambitions; it must integrate investments in infrastructure, foster vibrant communities, and ensure that success uplifts every resident. Leeds’s new economic plan is guided by these principles of wide-ranging social benefit and sustainable progress. The scale and scope of planned infrastructure projects are unprecedented, aiming to make Leeds a model for urban innovation in the UK.
Major projects such as the expansion of the Royal Armouries Museum and the development at Aire Park are complemented by bold transport initiatives. Leeds is working closely with the West Yorkshire Combined Authority on plans to introduce mass transit solutions, which would decisively improve both inner-city and regional connectivity. Improved transport networks are seen as pivotal to unlocking jobs in new locations, easing commutes, and attracting high-value employers into the city core. Supporting infrastructure investments are projected to total more than £40 million in the next construction wave, setting a new benchmark for urban planning in northern England.
A defining theme of the plan is inclusivity – a commitment to leveling up prosperity across all neighborhoods and demographic backgrounds. “Building on two decades of clear momentum, the launch of our Economic Vision and Delivery Plan gives us the roadmap for accelerating success and delivering measurable outcomes for our communities and therefore achieving our Leeds Ambitions,” says Councillor Jonathan Pryor, the city’s executive board member for economy, transport, and sustainable development. By focusing on “closing the productivity gap – which could add £3 billion per year to the UK economy,” Leeds demonstrates that addressing social inequality is as important as headline GDP numbers. Dedicated efforts are being channeled into upskilling, education, and employment support, aiming for growth that is both robust and broadly shared.
Building a City Poised for Global Recognition
Part of the Leeds Economic Vision’s ambition is to raise the city’s profile on the world stage. By competing in the arenas of international finance, digital innovation, and medical advancements, Leeds seeks not only to match but to rival Europe’s top-performing cities. “Our plan sets out seven bold steps for growth, aiming to unlock economic growth and create 100,000 jobs as we also focus on closing the productivity gap,” the city council affirms. The approach involves hosting high-profile events, intensifying international collaborations, and leveraging digital marketing to project Leeds brand’s value far beyond England’s borders.
The commitment to a world-class city goes hand in hand with resilience and long-term sustainability. From supporting green technologies to incentivizing low-carbon construction practices, every aspect of the plan considers the future impact of today’s investments. Leeds aims to balance rapid economic expansion with environmentally sustainable practices, ensuring the city remains livable, attractive, and competitive for decades to come.
Multiple stakeholders, coordinated across public, private, and academic sectors, are already mobilizing to enact the first phases of the plan. Key performance indicators are being established to track progress, with transparent reporting mechanisms to keep the public fully informed and engaged. The “Team Leeds” philosophy encourages collective ownership – every business, community group, and resident is urged to participate in shaping the city’s future. To explore the full vision and keep up with delivery milestones, the Leeds Economic Vision and the Leeds Economic Delivery Plan provide comprehensive detail and regular updates on progress toward these ambitious goals.
- Leeds aims to achieve £20 billion in economic growth and create up to 100,000 new jobs by 2034.
- The city’s economic vision is integrated with the National Industrial Strategy and the West Yorkshire Growth Plan.
- Key sectors targeted for growth include Financial and Professional Services, Digital & Tech, and HealthTech.
- Significant infrastructure projects are planned, such as the Royal Armouries Museum expansion, Elland Road stadium expansion, and Aire Park development.
- The plan emphasizes inclusivity, aiming to uplift all residents and neighborhoods through upskilling, education, and employment support.