A new data study has named Liverpool as the UK's fastest-growing city economy. The booming city has a growth rate of 20%, boasting a particularly impressive expansion of its logistics, software development and business support services sectors.
As the fastest-growing city, Liverpool is developing five times faster than London, which has a growth rate of 4.1%. It finds itself ahead of the rapidly expanding city economies of Sheffield, Bradford, Portsmouth and Manchester. These cities constitute the top five fastest-growing UK cities ranked by data-as-a-service company, The Data City.
Liverpool's recent freeport status and booming port activity have all contributed to the city's logistics sector's significant growth, with further success pending following important investment projects like Liverpool2 and expanded warehousing coming to fruition.
Software development is beginning to experience a big uplift in applications for job advertisements in this sector, especially in the security engineering and game development sectors.
Business support is another sector performing exceptionally well, growing 12.7% annually. Recruitment companies are booming, making Liverpool a real hotspot for business support.
Organisations like Tech Climbers and Liverpool City Council are ensuring varied support is available for companies and individuals, with programmes ranging from free business coaching and health checks to digital skills programmes.
Commenting on the economic growth study, Alex Craven, CEO of The Data City, said: "With so much opportunity spread across the UK, we've used our data platform of the UK's companies to map the fastest growing cities in the country, highlighting the emerging sectors and companies driving innovation in each region using our Real-Time Industrial Classifications (RTICs).
"Although the findings are great news for Liverpool as the fastest growing city in the country, there are over 40 emerging economy sectors with businesses outside of London and the South East. This shows the progression of the exciting work that is going on across the UK with new sectors emerging all the time."
The overall UK picture is reinforced when looking at the hotspots for growth around the UK, and with a growth rate of 4.1%, London is positioned as the UK's 26th fastest-growing city.
The Data City is an established leader in mapping the UK's emerging economy. Researchers, policymakers, and investors use its platform to access real-time data on dynamic sectors and the companies within them.
As a data-as-a-service company, the Leeds-based business provides unique, real-time industrial data on the most dynamic emerging economic sectors. Delivered by a cutting-edge AI, The Data City's platform combines all the data needed in one place, from open data sets and website text to company financials and investment data, allowing users to make impactful discoveries in minutes.
Added Alex Craven: "Liverpool and the four other fastest-growing cities are writing their own growth stories, each with a unique focus and a commitment to progress. From Liverpool's logistics surge to Sheffield's energy innovations, Bradford's multidimensional ascent, Portsmouth's tech dominance and Manchester's AI and life sciences journey, these urban centres are setting the stage for exciting times ahead."