• Swindon & Wiltshire Economy
• Thursday February 1 2024
• Author Name: Peter Davison

Bristol economy predicted to grow significantly faster than UK – Avison Young

Bristol’s economy is expected to grow ‘significantly faster’ than the rest of the UK, according to a new report from commercial real estate firm Avison Young.

The firm’s Urban Futures report says the Bristol economy is expected to grow by 8.9 per cent over the next five years – “significantly outpacing” the rest of the UK, where growth of 6.9 per cent is predicted.

Economic growth, says the report, is being driven by the expansion of the city’s knowledge industries – including artificial intelligence and life sciences.

Bristol’s information and communication sector alone is projected to grow by 12.9 per cent by 2028, closely followed by its science and tech sector, which is expected to see 10.6 per cent growth.

A growing economy means more jobs

And the growing economy will lead to the creation of new jobs. The report anticipates jobs growth of 5.7 per cent over the next five years – higher than the national prediction of 3.1 per cent – with professional, scientific, and technical skills a key employment growth area.

The report says the city has the largest office market in the south of England after London – 14 million sq. ft. of floorspace.

“Its excellent talent pool and research and innovation base has attracted many significant occupiers,” says the report.

But Bristol suffers from a “significant undersupply” of housing

But its attractiveness to professional workers means there is a “significant undersupply” of quality housing and affordable home-ownership options for residents.

“Bristol’s strong economy underpins its ongoing desirability as a place to live and study. Set against restricted land supply in the city and green belt constraints, this has led to a supply and demand imbalance,” say the report’s authors.

The launch of Avison Young’s Bristol Outlook report was preceded by an event in the city on January 23, featuring panel discussions with key regional decision-makers, including councillor Asher Craig, deputy mayor of Bristol City Council, on the current and emerging growth opportunities in the city.

Sarah-Jane Osborne, regional managing director for Bristol at Avison Young UK, said: “From its thriving science, technology, and digital industries to the projected growth of employment opportunities over the next five years, Bristol is a city with great potential and firm foundations for investment opportunities.

“With high-value sector strengths, a large development pipeline, and world-class research facilities attracting talent to the city, it’s encouraging to see its economy being steered by the knowledge industries – strengthening its proposition for investors and generating new employment opportunities for residents.

“As we move forward in 2024 and beyond, the importance of collaboration between the public and private sectors to create a prosperous and sustainable future for the city cannot be understated.”

Councillor Craig said: “As part of our One City approach, we are working hard to connect communities around the impressive future-facing developments we’re seeing emerge in Bristol.

“I want to hear that our communities are enjoying the benefits of this investment on their doorsteps. Our ask of the private sector is to work with us in partnership to ensure that opportunities are made visible and available to our local communities.”