Exeter is predicted to have one of the fastest growing economies in the country next year, according to a new report.
The new UK Powerhouse report says Exeter will move into the top 10 cities for GVA growth in 2022. (Gross value added (GVA) is the measure of the value of goods and services produced in an area, industry or sector of an economy)
The report predicts Exeter will see growth in jobs and economic output next year.
UK Powerhouse reckon that Exeter will be the South West’s leading city next year with economic output increasing and the number of jobs growing.
The report says Exeter 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 predicted 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.
Exeter’s growth to a GVA of £5.5bn will see Devon’s capital as the leading city in the South West, ahead of Bristol and Plymouth.
The report is produced by legal and financial services firm Irwin Mitchell and the Centre for Economics & Business Research (Cebr), and highlights the value of innovation to the success of businesses in the South West.
A key area of growth is set to be innovation and UK Powerhouse shows the South West has the largest share of businesses involved 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.