Yorkshire and the Humber is an official government region in the UK.
The regional development agency responsible for development and improvement of the Yorkshire and Humber economy is called the Yorkshire Forward. Traditionally, Yorkshire has been known for mining; however, many mines shut down in the 1990s.
The main sector responsible for growth of economy of this region is International Business. Yorkshire and Humber is one of the most rapidly growing business hubs in Europe. Five main sectors have been identified as advanced engineering, new media, food and drink, environmental technology and healthcare.
Yorkshire and Humber attracted about two investments every week in the year 2007-08, making it one of the most sought after investment destinations in the UK. About 40% of the largest organizations in the region are foreign owned.
The main sectors of the economy of this region include food processing, healthcare, engineering materials and greener electronics.
A GVA (Gross Value Added) of over 87 billion pounds makes this region rank in the top 20% of the world's national economies.
Operating costs in Yorkshire and Humber region are about 20% lesser than that of the UK while the cost of living is about 40% lesser than the UK. In fact, recent studies have revealed that overall costs in the UK are lesser as compared to the US, France, Japan or Italy. The rental costs of offices are also about 35- 45% lesser than those of London. Also, the wages are 7% lesser than rest of the UK. Moreover, four cities located in this region have been declared as some of the best places in the UK for business.
Yorskshire is also home to a large number of universities. This helps supply a steady stream of qualified and skilled people in the region.
The Yorkshire and Humber economy is growing at a pace faster than that of European economy. The stable economy of the region is committed to world trade.
From 1998 to 2008, the GVA of the area jumped up by 44%. The area is fast turning into a hub for foreign manufacturing investment. The manufacturing sector of this region is worth more than 14.2 billion pounds- this is equal to about one fifth of the regions economy. The sector is expected to grow by 13.7% and reach 15.6 billion pounds by 2016.
The size of the population in the region is about 500,000 which is approximately as much as Denmark or Scotland and over 300,000 businesses are thriving in the region.
The location of Yorkshire and Humber region is very advantageous for business purposes as European markets can be reached from here in just 2 hours. The region is very well connected to the rest of the UK and Europe via rail, road or airways. The broadband connectivity in the region is also excellent.
The Yorkshire and Humber region is a leader in global partnership schemes. This attracts global investors from all over the world and generates opportunities for growth. The agencies constituted to look after the economic development of the region help new businesses get funds and grants from the government.