Walsall and Wolverhampton in top 10 for growth

The UHY Hacker Young study ranks Walsall as fifth and Wolverhampton as eighth for gross value added - the value of goods and services it produces - between 2009 and 2013.

Derby tops the table thanks to its economy being driven by growing automotive and aerospace businesses.

All of the UK's top five fastest-growing economies can be found in the Midlands, where engineering and advanced manufacturing is powering a revival.

Derby's GVA per person grew 23 per cent from £22613 in 2009 to £27,849 in 2013. Walsall increased 20 per cent from £13,323 to £15,978 and Wolverhampton was up 19 per cent from £16,474 to £19,548.

Worcestershire in 10th place rose 18 per cent from £15,677 to £18,454.

UHY Hacker Young said that the resurgence in the engineering and advanced manufacturing output of the Midlands in recent years, including Jaguar Lane Rover, was helping to drive the region's economy out of the doldrums.

The Midlands has also benefited from substantial investment from the aerospace industry. Rolls-Royce, the world's second largest manufacturer of aircraft engines, currently employs over 12,000 people at its Derby site. The region also supplies systems to aircraft makers such as Airbus, BAE Systems and Boeing.

Malcolm Winston, partner at UHY Hacker Young in Birmingham, said: "It's been a difficult decade for some parts of the Midlands, but these figures show that the region's advanced manufacturing base is once again a huge growth driver.

"From Rolls-Royce aircraft engines to the latest Jaguar and Land Rover models, demand for advanced products manufactured in the Midlands has ensured that the region's economy has bounced back strongly from the recession.

"One of the benefits of a strong manufacturing base is that it 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."

"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."

Luton was in 138th and last place with a 13 per cent fall from £24,979 to £21,658. In recent years Luton's economy has been hit by redundancies from major local employers such as Vauxhall and EasyJet, which chose to move a number of its aircraft to more profitable airports with lower landing fees.