Milton Keynes’ economy performed more strongly than any other UK city in the 12 months to the end of 2016, according to a new report.
The UK Powerhouse report by Irwin Mitchell and the Centre for Business & Economic research provides an estimate of GVA* and job creation within 38 of the UK’s largest cities 12 months ahead of the Government’s official figures.
In the most recent report published this month, it found that the value of goods and services produced in the city grew by 3.3% during 2016.
The city also topped the employment league table with an annual 2% growth taking total headcount to 161,182.
The report, which this quarter also analysed the Government’s recently launched industrial strategy, has concluded that the success of Milton Keynes is an example for other cities to follow.
The report said Milton Keynes’ well-balanced city economy draws strength from a highly qualified workforce helping fuel growing knowledge based and design industries, with over a fifth employed in professional occupations.
The city’s economic rise is reflected in its surging property market.
With strong demand, real estate firms have grown in number by 45% over the past five years, making this the leading industry in the city, in terms of total firm count.
The report also highlighted that Milton Keynes, along with Edinburgh, Bristol, Leeds and Brighton also have a high share of creative businesses, which is helping to drive innovation and employment.
Looking ahead, it found that the Milton Keynes was on target to grow by 24.2% over the next decade.
Unveiled in January this year, the Government green paper outlined a new industrial strategy to help drive and ‘divide growth across the whole country’.
Based on ten key pillars of economic growth, the plan includes a number of methods to promote growth across the UK’s regional and city economies.
The plans will be delivered through investment, bolstered by regional growth funds.