Southampton is expected to have one of the fastest-growing economies in the UK next year, according to a new report by Cebr.
The UK Powerhouse study produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr) provides an estimate of GVA growth and job creation within 45 of the UK’s largest cities 12 months ahead of the government’s official figures.
Published this month, the study has revealed that while each of the south coast’s biggest cities had steady GVA growth in Q3 2017, each are expected to enjoy a strong showing across 2018.
Southampton is expected to have the sixth fastest-growing economy in the UK in 2018, with a year-on-year growth rate of 1.72%, with Portsmouth (1.62%) and Bournemouth (1.55%) also among the top 10.
In addition, the study also found that Bournemouth enjoyed the fastest-growing employment rate in the UK across Q3 2017, with its workforce increasing by 1.3% to reach 95,147 during the period.
Hannah Clipston, a partner at Irwin Mitchell’s Southampton office, said: “The latest UK Powerhouse report reveals steady economic growth within cities on the South Coast during 2017.
“What is particularly pleasing, however, is that despite the strong headwinds and uncertainty, Southampton, Portsmouth and Bournemouth are predicted to be in the top 10 for the fastest economic growth in 2018.
“Bournemouth’s employment growth is also a strong step forward and emphasises how the banking, finance and insurance industry’s presence in the area is having a strong impact on the area.”
This latest edition of UK Powerhouse also examines the impact that the education sector has on city economies across the UK.
While the GVA generated by the education sectors in Portsmouth and Southampton was found to have decreased between 2012 and 2015, Bournemouth’s saw an 18% increase and was valued at £174.5m.
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