Image Credit: Peter K. Burian
THE CITY OF York Council has recently published their Quarterly Economic Update which shows that York’s economic growth coming out of the pandemic is particularly strong. During 2021, the York economy grew by 9.8 percent compared to the national average of 6.6 percent.
This strong growth rate is a result of more business activity reacting to the high consumer demand experienced within the city.
Despite Plan B restrictions to reduce the spread of the Omicron Variant, York attracted roughly 2.1 million visitors between the months of October and December. This figure was unsurprisingly lower than pre-pandemic levels.
By this point, even most young people had been vaccinated so shops and businesses benefited from people’s desire to live without fear of the virus.
Alongside the Business Growth Voucher Scheme, York Council has also provided additional financial support to small businesses including the Omicron Hospitality and Leisure Grant.
Since the start of the pandemic, York City Council, with the aid of government support, has given out over 25,000 grants worth over £113 million.
The latest round of grants was announced in December 2021 for businesses severely impacted by the continued coronavirus restrictions. York has received £300,786 from these Additional Restrictions Grants.
As the Quarterly Update shows, the additional support has had a positive impact allowing businesses to stay open and survive during uncertain times. Going into the future, York’s recent economic growth is a positive sign of the city’s ability to cope throughout difficult times.
That being said, York still faces challenges. For example, the number of job vacancies within a five mile radius of York rose to 3,240 in December of last year.
Furthermore, office vacancy is still higher than pre-pandemic levels as many employees see working from home as safer. This represents a general trend throughout the whole country.