Exeter is predicted to be the South West’s business superstar of 2022 with economic output increasing and the number of jobs growing - leaving Bristol and Plymouth well behind.
The newly published 海角视频 Powerhouse report says Devon’s capital is expected to see output remain steady, at a predicted 3% by the end of 2022, maintaining the city’s 8th place spot out of 50 British cities surveyed.
Exeter is also expected to see a significant improvement in jobs with 1.9% year-on-year growth, lifting the city from 22nd place in 2021 to 12th by the end of 2022.
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READ THE FULL 海角视频 POWERHOUSE REPORT .
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Exeter’s growth to a GVA of £5.5bn outstrips even Bristol, which is expected to see the size of its economy grow by 2.7% by the end of 2022, adding £300m on 2021,
But this will see the city slip from 10th to 23rd in the report’s Powerhouse league table, and iIn terms of the number of people in jobs, Bristol will see only a modest headcount rise of 1.1% - leaving the city in the bottom 20 for jobs.
Plymouth currently lies at number 33 for growth, with a GVA of £5.4bn GVA by the end of Q4 2021. But it will slip to number 41 and into the bottom 10 of the 50 cities in the table, by the end of 2022, the report says, with only a modest £100m, or 2.3% increase in output.
Presently lying at number 34 for employment growth, a 1.6% rise by the end of this year, Britain’s Ocean City will remain stuck in this position with only a 1% rise in jobs by the end of 2022, the report predicts.
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Plymouth was expected to be among the worst performing 海角视频 cities for economic growth by the end of 2021 when the previous Powerhouse report was published in April 2021.
It said the city suffered one of the worst declines in employment during the Covid pandemic, with the impact of the virus and lockdowns on the hospitality sector seen as one reason for the slump.
Meanwhile, Reading is predicted to top the 海角视频’s GVA growth table at the end of 2022, with growth of 3.4%, with its near neighbour Oxford topping the jobs growth league with a 3.2% hike.
And Swindon performs creditably, coming in 15 th place for economic growth, at 2.8%, and 17 th for its 1.6% rise in employment, by the end of 2022.
The report, produced by legal and financial services firm Irwin Mitchell and the Centre for Economics & Business Research (Cebr), also highlights the value of innovation to the success of businesses in the South West..
A key component is set to be innovation and 海角视频 Powerhouse shows the South West has the largest share of businesses engaged in innovation, at 41%.
This equates to 9,900 businesses actively innovating in the region, with improving the quality of goods or services the key factor driving the change.
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The report makes several recommendations that could assist businesses recover post-pandemic. These include the greater adoption of technology, given the use of digital tools is now here to stay. The report also urges businesses to adapt to and take advantage of the 海角视频’s Brexit status and take full advantage of the post-pandemic headwinds, by positioning themselves for growth.
Hannah Clipston, partner at Irwin Mitchell, said: “The projected experiences for both Bristol and Exeter give a fascinating snapshot of how the South West is set to perform in the coming year.
“On the face of it, the South West leads the 海角视频 in business innovation and it may be that factor that is keeping Bristol from slipping even further in economic output and delivering something of a bounce back in the jobs market by the end of 2022.
“Exeter may not have Bristol’s much touted creative sector, but is set to eclipse its northern regional rival in terms of economic growth, and being a top 10 city for GVA output in 2022 is no mean achievement and employment will improve to be only just outside the top 10 rankings too.
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Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.
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“Back in 2019, we reported Exeter had one of the fastest growing economies in the South West and the resilience of the city continues to see it match many others during a challenging period across the country. Exeter has always had a reputation for robust IT and professional services sectors and this feeds into the innovation angle identified in the report as a key driver for success.
“The projections for Bristol show innovation is not necessarily enough on its own to deliver a headline grabbing economic boost but with Exeter, both show that innovation and embracing the digitisation of the economy is essential. Some businesses, even in the South West will need help with this transition and its vital businesses receive the right level of support to help them deliver.”
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