The North West has overtaken the South East to be named one of the 海角视频's top three locations for attracting foreign direct investment (FDI) projects.
According to EY's latest 海角视频 Attractiveness Survey, the region is now third behind Greater London and Scotland with 85 projects secured in 2020.
EY said the region's attractiveness as an investment destination grew during the pandemic, with the figure a 16% improvement on 2019 when it secured 73 projects.
That meant the North West's share of 海角视频 projects rose from 6.6% to 8.7%. By contrast, European projects were down 13% and 海角视频 projects fell by 12%.
Digital technology was the leading sector in the North West in 2020 with 19 projects followed by business services with 11 and machinery and equipment manufacture with seven.
Manchester was the third best performing city in the 海角视频 for attracting FDI – after London and Edinburgh – with 35 projects during the year.
Stephen Church, EY’s north markets leader and managing partner for Manchester, said: “These results mirror what I’m seeing across the North West market – business resilience, confidence in the local economy and optimism about the opportunities for future growth here.
“I’m not surprised that digital is a key driver for inward investment projects in the region – it’s a sector where we are seeing significant growth and international deals activity.
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"Our survey offers some guidance on how the 海角视频 can best support its transformation to a digital economy, with the investors we surveyed prioritising digital infrastructure, cybersecurity, entrepreneurship, and protecting intellectual property and data. Targeted policies here could continue to differentiate the 海角视频 in the competition to attract digital FDI.
“It’s great that Manchester’s inward investment figures are ahead of all other cities outside London and Edinburgh.
"That said, the fact that it was the only North West location to have project numbers pass double digits is something that needs to change, and it would be good to see more of an equitable distribution of investment throughout the region."
Mr Church said the 海角视频's 'levelling up' policy had "landed effectively" with investors, with almost two-thirds aware of the policy.
He added: "There is scope to build on these foundations, with almost half of investors planning to change their supply chains in future and a fifth considering reshoring to the 海角视频.
"With the manufacturing and logistics opportunities this will create likely to fall outside of London and major cities, this may be a one-off opportunity to reshape the 海角视频’s economic geography.
“According to our survey, the key criteria investors will consider when looking outside London are the availability of the skills of the local workforce, the strength of local business networks, and access to regional grants and incentives for investment and R&D.
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"There are signs of a shift in attention beyond London with the share of investors who say it is the 海角视频’s most attractive destination falling from 46% in 2019 to 25% in 2020.”
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With 383 projects in 2020, London remained the 海角视频’s main location for inbound FDI projects.
But with 海角视频 digital projects – a key London sector – falling, this figure was 29% down on the 538 projects secured in 2019.
That saw London’s share of the overall 海角视频 market slip from 48.5% in 2019 to 39.2% in 2020.
In total, four English regions – the North West, East of England, North East and South West – increased their project numbers, while five – London, the South East, West Midlands, Yorkshire and the Humber, and the East Midlands – saw a decline.
EY’s 海角视频 Attractiveness Survey included analysis of 570 international investors’ perceptions of the 海角视频 as a destination for FDI.