Bristol is set to become one of the UK’s fastest-growing cities outside London over the next four years, a new report suggests.
The city is predicated to see gross value added (GVA) growth of two per cent a year between 2020 and 2023 - above the English average of 1.8 per cent - according to EY’s Regional Economic Forecast.
Employment is also expected to grow in the city at one per cent a year, boosted by the professional, scientific and technical, and administrative and support service sectors.
Bristol’s growth forecast is the third-highest outside the capital with only Manchester (2.3 per cent) and Nottingham (2.1 per cent) set to grow faster.
While Bristol is set to reign as the fastest-growing location in the South West, Bournemouth and Taunton Deane are also estimated to grow faster than the regional average of 1.6 per cent - at 1.9 per cent and 1.8 per cent GVA respectively.
Meanwhile Poole is expected to see growth of 1.4 per cent, Torbay 1.2 per cent and Plymouth 1.1 per cent.
Looking ahead, the West of England’s growth is predicted to drop slightly to 1.5 per cent GVA until 2023.
Employment growth for the South West is also expected to stay at a modest rate of 0.5 per cent – marginally less than the UK rate of 0.7 per cent.
Andrew Perkins, EY’s Managing Partner in the South West, said: “It’s fantastic to see Bristol will remain one of the fastest-growing cities in the UK – it’s a testament to the thriving business community we have in the city.
“It could be easy to be disappointed by a small drop in forecasted GVA growth for the region, but it’s clear the South West is still thriving – especially when looking at locations such as Bournemouth and Taunton Deane which are also set to grow faster then the region.
“However, over the last two decades some coastal towns in the South West have struggled to grow at the same speed as the rest of the region.
“Whilst we can celebrate our standout locations for GVA growth, its important initiatives designed to boost economic activity do not leave those locations behind if we are to share success equally across the region.”
The sectors in the region which expect to see the biggest uplift in employment are administrative and support services, and arts, entertainment and recreation.
In contrast, the mining and quarrying, and manufacturing sectors are forecast to see the biggest drop in employment.
