Derby's economy has grown the fastest of any city in England during the past decade, according to new research.And the city has the second fastest economic growth in the UK, behind only Belfast.
A nationwide study by accountant UHY Hacker Young Group looked at the value of goods and services produced by the UK's 30 largest cities in 1998 and compared them to 2008.
It found Derby's economy grew 88.5% over the decade.
The study looked at cities' ability to generate wealth by increasing the value of goods and services.
For example, the parts used to build an aero engine that arrive at Rolls-Royce may be worth thousands of pounds. But when they leave the Sinfin plant as a completed engine they are worth millions.
Howard Spencer, chairman of UHY Hacker Young Group, said: "Derby, while working on strengthening its engineering manufacturing base, has managed to expand greatly in the service industry sector.
"With several software companies setting up in its premises, Derby is opening up to creative industries as well.
"Its central position and good transport links to other areas of the country has made the city a location of choice for businesses. Its university and five colleges churn out skilled workers to fill the demand from the traditional as well as the emerging hi-tech sectors."
According to John Forkin, director of Marketing Derby, the research reflected how companies in the city had switched to producing high-value goods and services over the past decade.
He said: "This is another in a series of league tables which are all saying the same thing about Derby's economy.
"I believe the growth over the last 10 years can be largely attributed to aerospace and rail technology industries, which have both developed into hi-tech operations.
"Derby has come second only to Belfast, which has unique circumstances as it had suffered with suppressed growth throughout the troubles, so effectively Derby is the fastest growing in the UK.
"I think it's important for the people of Derby to understand that our economy has moved on. Companies that they were familiar with 20 to 30 years ago have evolved into hi-tech global companies."
Patrick Welsh is development director at the Creative Industries Network, at Friar Gate Studios, in Ford Street, which supports the city's creative industries. He said: "Recent research has shown Derbyshire has the fastest growing creative industries sector of any other county and it is an important part of Derby's overall economy. The games industry here, in particular, is huge. At present, the creative industries make up about 7.3% of the city's overall economy but it growing at a rapid rate."
Dawn Whitemore is head of development for University of Derby Corporate, which was launched this year as a response to Government calls for higher education institutions to create more start-up businesses.
She said: "This research is a clear indication that the recent investment into our new division was a sound one.
"Hopefully, with our support, next time Derby will be number one in terms of fastest economic growth in the UK."
Neighbouring Leicester was ranked 14th in the list, with growth of 66.58%. Nottingham's economy grew by 57.41%, placing it 22nd in the league table.
Source: Derby Evening Telegraph
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