The South West has become a real contender as a destination location for UK businesses, according to leading property firm Colliers International.
Identified by Boris Johnson as an economic powerhouse with an economy worth £26bn a year, the South West region is growing in stature which Colliers believes puts it in prime position to attract new business.
James Preece, director of national offices at Colliers International South West, said: “As a region, the South West is already achieving so much. It has made huge strides in attracting leading sector industries and makes a £10bn contribution to the UK Treasury. However, the South West also has incredible potential and is a viable rival to other major cities and even London to attract new business and investment into the region.”
The South West boasts a diverse range of industries. Amongst its credentials, 14 of 15 global leading aerospace companies are located in the South West, including Airbus, Rolls Royce, GKN and BAE Systems with 4,000 new jobs being created in Filton Enterprise Area. In the technology sector, the South West has the largest cluster of silicon chip designers outside of Silicon Valley, contributing £1bn to the economy and it has a thriving creative and digital industry. Meanwhile, the South West boasts both the highest proportion of entrepreneurs per capita and the highest proportion of start-ups in UK core cities. It also has a network of attractive Enterprise Zones while Bristol has been awarded the status of the European Green Capital.
The region is now being actively marketed as part of the West of England Local Enterprise Partnership (LEP) as well as Invest Bristol and Bath.
Mr Preece continued: “The South West is a real contender as a business destination. It is linked by two major motorways, an international airport, direct train links to London and, on the industrial side, Britain’s most centrally located deep sea port which is recognised as the most economical port location for distribution in the UK. There is significant investment in the pipeline for the region including the railway electrification which will make us better connected with London by reducing travelling times. Bristol Temple Meads – the gateway to the city of Bristol – will also be transformed with a major realignment proposed to the entrance. This will have a significant impact for the way that the city is perceived to new businesses and investors. First impressions count and orientating visitors directly towards the main business district and the city’s prime retail sets a positive tone. The region also has lots of draws from a lifestyle point of view – an attractive element for businesses.
“With a reputation that is growing and a collaborative plan to promote economic growth and development, this is surely one of the most exciting times for the South West. It has everything it needs to attract new businesses and new investment with ambitious plans to ensure that it really does compete on a national scale. Becoming a Southern Powerhouse is a new arena for the region but it has the right dynamics to complete the whole equation – accelerating success and growing the economy sustainably.”
