Southampton’s economy performed better than any other city on the South Coast during the second quarter of 2019, according to a new report published today.
According to the UK Powerhouse report by Irwin Mitchell and the Centre for Economic & Business Research (CEBR), Southampton’s economy saw year on year GVA growth of 1.6% in Q2 2019, placing it on the top 10 and ahead of Portsmouth..
GVA Q2 2019, £m (annualised, constant 2015 prices) | Growth (YoY) | |
Reading | 7,000 | 2.3% |
Cambridge | 9,600 | 1.9% |
Milton Keynes | 12,300 | 1.9% |
Peterborough | 5,800 | 1.8% |
Ipswich | 4,800 | 1.8% |
Oxford | 9,100 | 1.6% |
Exeter | 5,100 | 1.6% |
Southampton | 6,500 | 1.6% |
Portsmouth | 5,800 | 1.5% |
Birmingham | 28,000 | 1.5% |
According to the report, the economy in Southampton is now valued at £6.5 billion and accounts for 153,000 jobs. Portsmouth appeared in ninth place with year-on-year growth of 1.5%.
Looking further ahead, Southampton’s economy is predicted to grow by 18.5% over the next decade with employment levels expected to rise by 10%.
Portsmouth isn’t expected to do so well by 2029 with a 16.7% growth in GVA and a 6% increase in employment.
The report also included a ‘Brexit Disruption Index’ which analyses which industrial sectors will be affected most after the UK leaves the EU.
It bases its predictions by analysing the change to three key indicators - the free movement of labour, tariffs on exports to the EU and investment into the UK from the EU – and assumes that a deal will eventually be agreed.
According to the study, the manufacturing industry will face more disruption as a result of Brexit than any other sector.
Manufacturing has an index score of 90% and the report says that even if a deal is secured the sector will contract by 0.8% in 2020, down from a fall of 0.5% this year.
Hannah Clipston, partner and head of Business Legal Services at Irwin Mitchell in Southampton, said: “This report should give the business community in Southampton a reason to be optimistic in the long term despite the knock-on effects of Brexit.
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