It’s been revealed that East Riding now has the highest economic growth rate out of any other council area in Yorkshire. With a growth rate of 3.5%, it’s interesting to look at what factors are behind this growth.
Investments are creating new job opportunities
As time goes on, more and more investments are being made in the area. It’s said that £1 billion has been pumped into the area since 2020, with a lot of the growth being driven by Yorkshire’s Inward Investment movement. You also have the brand-new £200 million train manufacturing facility. This is set to create 700 new jobs in total, with an additional 300 jobs set to be created by the Bogie Assembly and Service Centre by 2026. Although new jobs are helping to bring new people to the area, East Riding has also been experiencing a tourism boom. VHEY which is funded by Hull City Council has plans to grow and build a £1 billion visitor economy. The money, which is said to be invested in the local area by 2029, is going to help put Hull and East Riding on the map.
Events and tourism is a driving factor for the area’s strong economic growth
The rapid growth of local entertainment has also had a big influence on the amount of people visiting the area. It’s been announced that there are plans to turn an old cinema in Hull that was bombed in WW2, The National Picture Theatre on Beverley Road, into a national memorial and community events area. This is going to facilitate more local activities, which will have a big impact on tourism overall.
According to the latest statistics, bingo venues in East Riding have also doubled in the last 7 years. Many establishments don’t just offer bingo either, they offer music, food, and sometimes live shows. Online bingo has also helped to make traditional bingo much more visible as well, as it allows people to learn the rules in a convenient format. When you look at online sites like Buzz Bingo, which has a physical location in Hull, it’s clear to see that there are now more offerings than ever. This, combined with new promotions, including £40 bingo bonuses, is helping to bring new people into the fold while keeping local entertainment more relevant than ever.
When people travel for events, whether it’s bingo, community activities or even live music, they tend to eat at local restaurants, like The Pipe and Glass which currently has one Michelin star. People also book hotel rooms and buy from businesses in the area, all of which is helping to spur growth in East Riding. This also helps to create new job roles, and when operators pay staff, they then spend their money at local businesses.
As East Riding continues to grow, more and more investments are being made, which is having a monumental impact on the economy. With the rise of entertainment helping to bring new people to the area, it’s safe to say that the area is undergoing a positive, rapid change right now.