International investment in the West of England has fallen to a five-year low, a new report finds.
The region saw a 14 per per cent decline in foreign direct investment (FDI) projects to 30 last year - down from 35 in 2018 - the lowest recorded since 2014, according to the EY 2020 UK Attractiveness Survey.
Despite a plunge in investment across the wider South West, Bristol was among the top UK cities for FDI outside of London.
The city attracted 15 FDI projects in 2019, making it the seventh-best performing location in the UK.
Elsewhere in the region, Swindon had three projects, Gloucester had two, while Bath, Cornwall, Falmouth, and Plymouth all had one project each.
The South West saw the largest proportion of its investment (33 per cent) come from the US, followed by France (27 per cent), with the region attracting five more French projects in 2019 compared to 2018.
Investment in the region was in the business services, digital, machinery and equipment, and transport manufacture sectors. The largest number of FDI projects was in the business services sector (seven) - up from four the year previously.
Foreign direct investment projects outside London
| 2019 Rank | Location | 2019 | 2018 |
| 1 | Manchester | 34 | 37 |
| 2 | Birmingham | 30 | 22 |
| 3 | Glasgow | 23 | 19 |
| =4 | Belfast | 22 | 20 |
| =4 | Edinburgh | 22 | 20 |
| 6 | Leeds | 20 | 21 |
| =7 | Aberdeen | 15 | 8 |
| =7 | Bristol | 15 | 10 |
| 9 | Reading | 14 | 12 |
| =10 | Cambridge | 10 | 10 |
| =10 | Cardiff | 10 | 8 |
| =12 | Coventry | 8 | 8 |
| =12 | Derby | 8 | 8 |
| =12 | Liverpool | 8 | 8 |
| =15 | Sheffiled | 7 | 6 |
| =15 | Sunderland | 7 | 3 |
| =17 | Milton Keynes | 6 | 6 |
| =17 | Nottingham | 6 | 4 |
| =19 | Crewe | 5 | 1 |
| =19 | Rotherham | 5 | N/A |
There were also four projects in the digital sector - the lowest number in the industry since 2013 - and three projects each in the machinery and equipment, and transport manufacture sectors.
Andrew Perkins, EY’s managing partner in the South West & Wales, said: “Whilst it’s great to see Bristol had a strong year in attracting foreign investment, it is important to see other locations in the South West receiving projects if economic ‘levelling up’ is to be shared equally.
“Looking forwards, the business community in the South West will be keeping a keen eye on the path to regional economic recovery following the Covid-19 pandemic.
“The impact on the region’s tourism and hospitality in particular is being felt all too acutely and continuing to attract investment from overseas will become ever more important.”
The biggest investment in terms of job creation was a manufacturing project in Plymouth which created an estimated 850 jobs.
Manufacturing projects in Gloucester and Swindon also created an estimated 150 and 100 jobs respectively.
