News

Southampton’s economy among the best in the UK

Thursday October 3rd, 2019

 

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 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 in the top 10 alongside Portsmouth and is now valued at £6.5 billion and accounts for 153,000 jobs.

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%.

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. Southampton’s strength is the diverse nature of its business sectors which includes marine, tech, leisure, education and real estate. Manufacturing will be disrupted the most, but it has always adapted and I’m sure that this combined with our range of industries will stand us in good stead for the future.”

 

Back to News