Derby tops the list of the fastest growing UK area, as new research shows that manufacturing is fuelling a business revival in the Midlands.
A new study by UHY Hacker Young shows that all of the UK's top five fast-growing economic regions are located in the Midlands, where, it says, engineering and advanced manufacturing are powering an economic revival.
The research by the accountancy firm measures an area's contribution to the UK economy based on the value of the goods and services it produces per capita in the form of a Gross Value Added (GVA) figure.
Derby tops the list with a growth rate of 23% in GVA over the past five years, more than double the national average increase of 9%. It is followed by East Derbyshire; South and West Derbyshire; Stoke-on Trent; and Walsall.
The Midlands is an important centre for the UK automotive industry. It has also seen substantial investment from the aerospace industry.
Malcolm Winston, partner at UHY Hacker Young in Birmingham, said: "These figures show that the region's advanced manufacturing base is once again a huge growth driver. One of the benefits of a strong manufacturing base is that the employment created cascades down the supply chain too - a huge number of businesses in the Midlands have businesses like Rolls-Royce, Toyota and Jaguar Land Rover as major customers."
He added: "The need for skilled workers has also driven investment in education and skills and created a real advanced manufacturing cluster, which makes the area even more attractive to businesses."
The areas with the lowest GVA over the past five years are North and East Lincolnshire; Falkirk; Liverpool; Cheshire West and Chester; and Luton.