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City growth above national average - 21/12/17
Gross Value added (GVA) has increased by £268 million or five percent in Hull since 2015.

These figures come from the Office of National Statistics, who yesterday (Wednesday 20 December) released updated estimates of GVA for 2016.

Hull’s percentage increase is above the 2.9 percent growth regionally and 3.6 percent nationally.

Councillor Martin Mancey, Portfolio Holder for Economic Investment, Regeneration and Planning said:

“The data demonstrates just how the city has transformed and the upward trajectory Hull’s economy is on.

“I am delighted that the city and its residents are seeing the benefits of the public and private sector investment that has taken place over the last few years. These figures clearly contradict the recent report by the Institute of Economic Affairs which stated that investing in the North is a waste of money.

“The fact that growth in the local economy significantly exceeds both the regional and national average clearly shows that Hull is an attractive place to live and invest, and I look forward to further investment in 2018.”

In 2016, the highest percentage of GVA in Hull is generated from Manufacturing (26.5 percent), which reflects the investment in the city from companies such as Siemens, Croda, Groupe Atlantic and ABP. This is followed by Public Administration, Education and Health (21.2 percent) and Distribution, Transport, Accommodation and Food (19.1 percent).
Compared to 2015, the largest monetary increase in GVA in Hull has been in Distribution, Transport, Accommodation and Food (+ £118 million).

The City Plan has been instrumental in driving growth in the local economy, and has created record numbers of new jobs with employment being at the highest on record.
A full breakdown of the ONS figures can be found here.

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