Economics
Leicestershire's Economy
Leicestershire's thriving economy gives other businesses locating here a head start. Many companies, large and small are already experiencing the benefits of working here and of being located in Leicestershire.
Some facts about Leicestershire's economy:
- Largest economy in the East Midlands*
- Lower commercial office property and wage rates
- Voted one of the best UK cities in which to do business**
- UK's largest pure cargo and mail airport (East Midlands Airport handled 30.6 per cent (Jan-Dec 2005) of the UK's total pure freight' and 20.2 per cent (Jan-Dec 2005) of the UK's total ‘pure mail')
- Ranked the second most creative city in the UK (In 2003 the leading consultancy group Demos developed a ‘Bohemian Index' based of the creativity of the UK's leading cities. Leicester ranked second on this index ahead of Leeds, Birmingham, Newcastle, Sheffield, Liverpool and Nottingham)
- Home to over 350 foreign-owned businesses
- Strong industry connections to Asia and Indian sub continent - dedicated Chinese and Indian trade desks
- Ranked the second most creative city in the UK
Save £12,000 per employee, per year, by relocating to Leicester
The first chart to the right shows the savings that can be made by relocating to Leicester from other major cities in the UK - and the very significant savings that can be achieved by moving from London. A move from the City of London to Leicester would deliver an average saving of £36 per sq.ft. Based on an allowance of 85 sq.ft per employee, that represents a massive saving of £3,060 per employee, per year.
Better still, as the second chart shows, average wages in the East Midlands are over £9, 000 per year lower than in London, business rates are lower and insurance is cheaper too. So if you populated your less expensive Leicester office with highly qualified, locally recruited staff, you could save over £12, 000 per employee, per year.
*Data captured by East Midlands Development Agency/Experian estimates Gross Value Added (GVA) to be £15.3 billion in 2006 for Leicester, Leicestershire and Rutland - the highest of any Sub-regional Strategic Partnership area in the region
**According to survey by Growing Business Magazine in 2005
Save £12,000 per employee, per year, by relocating to Leicester
Source: ONS Annual Survey of hours and earnings 2007, Kings Sturge Office Markets Report 2008 and Cushman & Wakefield Research 2007