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Issue - meetings

Quarterly Economic Update

Meeting: 25/01/2022 - Decision Session - Executive Member for Economy and Strategic Planning (Item 34)

34 Quarterly Economic Update pdf icon PDF 481 KB

Report to follow.

Additional documents:



i.             That the contents of the report be noted.


Reason: To support York’s economic response to the Covid-19 pandemic.


The Executive Member considered a report which provided him with an update on key measures of the economy, emerging issues and achievements. The Director of Housing, Economy and Regeneration and the Economic Growth Manager were in attendance to present the report and respond to questions.


Key points raised during the presentation of the report included:

·        The national economic situation was turbulent with supply chain issues, staff shortages, rising energy costs and inflation, however York had shown resilience throughout these issues.

·        The Job Retention and Self-Employment Income Support Schemes closed ended in September 2022. When it closed, there were just under 2,500 people furloughed on the former scheme, down from a peak of 16,000 in January 2021.

·        York remained the best performing city on the Centre for Cities Unemployment Tracker – with 2.2% of the working age population claiming unemployment benefits.

·        2021 was likely to have seen the lowest number of new business in the city for some time. However, there were measures being put in place to increase the number of start-up businesses, including a York Entrepreneurs event to promote self-employment and encourage the creation of new businesses in the city.

·        York was in the top 3 cities and large towns nationally for levels of footfall and spend in the city centre, with 850,000 visitors in October 2021. 20% of these were from the York local authority area, and 50% were from 50km or further from the city centre.

·        There had been 3 roundtable meetings to stimulate innovation and sector development for the railway industry in York, alongside the preparations for York’s pitch to host the headquarters for Great British Railways.

·        Work had been undertaken with the Local Enterprise Partnership and Skills Team on the government’s Skills Boot Camps to help ensure that residents have the necessary skills to access sustainable employment.

·        Growth managers had supported 65 businesses in York and 23 inward investment enquiries.

·        York Business Week took place during November 2021, with over 35 events and 600 delegates in attendance.

·        Government announced that Active Travel England as a body to promote active travel as a means of decarbonising transport will be based in York.


The Executive Member commented that:

·        It was important to demonstrate the importance of the economy of the whole city, rather than just the city centre, and to support more local business areas.

·        He appreciated the work done during York Business Week.

·        While he was pleased to see data showing York’s relatively strong economic recovery, it was important to continue matching vacancies to job seekers and to develop the skills in local residents.

·        There were significant opportunities in the rail industry for York in future.



i.             That the contents of the report be noted.


Reason: To support York’s economic response to the Covid-19 pandemic.


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