YORKSHIRE and the Humber is more prosperous than it was a year ago, according to the third edition of the annual UK Prosperity Map from Barclays Wealth and Investments.

The UK Prosperity Map uses factors including numbers of millionaires, average earnings, business growth rates, house prices, and GDP per capita to generate a unique Prosperity Index Score for each UK region and city.

The research revealed that prosperity growth in Yorkshire and the Humber has been boosted by increases in average earnings, which have grown 2.1 per cent, with unemployment falling by 0.8 per cent.

The region has also enjoyed the fourth largest increase in GDP per capita across the UK, jumping 2.4 per cent, the report claims. And house prices have risen by four per cent with the average price in the region valued at £142,753

Yorkshire and the Humber is home to 28,000 millionaires, which has jumped 9.8% since last year.

Nick Keenan, regional director in Yorkshire and the Humber, Barclays Wealth & Investments, said: “We are continuing to see positive growth across Yorkshire and the Humber, and in particular Leeds is enjoying growing prosperity.”

Meanwhile, manufacturers in Yorkshire and Humber are continuing to enjoy positive conditions across most economic indicators according to another survey, published by EEF, the manufacturers’ organisation and accountancy and business advisory firm BDO LLP.

The Manufacturing Outlook survey for the third quarter shows output across the region posted its highest level in almost three years with a balance of +39% of companies saying their output increased.

Whilst overall orders eased back slightly from last quarter, they remain strong with export orders (+29%) especially positive.

Despite the buoyant picture, the cloud on the horizon remains the UK economy. While firms are confident of their own performance, EEF’s indicator for the UK economy has slipped for the second quarter running in response to the continued political uncertainty and squeeze on consumer spending. As a result EEF continues to expect tepid growth of 1.7% this year and 1.3% in 2018.

Andy Tuscher, Region Director for EEF in Yorkshire & Humber, said: “There is little doubt that Brexit is likely to weigh on sentiment over the next twelve months with uncertainty over the UK’s terms of exit. As such, it is vital the Government sends a signal to industry and investors in the UK and overseas that it is doing everything in its power to get growth of the UK economy back on the agenda."

Craig Burton, Partner and head of Manufacturing in Yorkshire & Humber, said: “Despite the economic and political uncertainties, manufacturers’ in Yorkshire & Humber continue to be a force to be reckoned with, delivering a strong performance as well as increasing both investment and employment plans to make the most of the strengthening export opportunities available to them.

“However, manufacturers’ confidence about the UK economy has continued to fall for the second quarter running. With growing opportunities around the world, particularly the Eurozone, manufacturers’ need stability and certainty in government policy (including Brexit) to provide the right environment for them to commit to the significant capital and research investment required to support continued growth.”