The Liverpool Economic Briefing was released in January of this year and revealed some extremely strong headline figures behind a city returning to robust health after decline in the 1980s and 90s.
Liverpool started the year extremely strongly, at or above national average growth rates, and saw a huge growth in disposable income for residents and largescale growth in investment. The number of businesses in the city hit a five year high at the beginning of the year, and the report also found that Liverpool’s GVA grew by £344m (3.4 per cent) in 2014.
Over the longer term (1997-2014), Liverpool’s GVA has grown by 102.9 per cent, which is just below the UK (104.3 per cent), but above both the Core Cities (96.7 per cent) and Liverpool city region (93.4 per cent) averages.
In March of this year the Financial Times also produced some research for the city region which found that over the past decade some £5bn of investment has transformed the centre of Liverpool.
In the city’s port area, the owner of the facility, Peel Group, announced a £300 million investment to double its container capacity. Meanwhile, on the other side of the famous river Mersey, cruise ships are once again docking on the waterfront.
Big name investors in to the city include Deutsche Bank, Jaguar Land Rover and Unilever who have all moved in to the city region within the last 12 months. Further reasons to be highly positive about the region include the growing digital and technology sectors. A record number of start-ups were created in 2015, and in the past six years the number of companies classified as ‘high growth’ has risen by 56 per cent.
In April, the Telegraph reported that Liverpool had seen the fastest property price rise over the preceding 12 months in the UK. It reported that prices rose at the sharpest rate in Liverpool, as buy-to-let landlords sought to avoid an extra 3 per cent to stamp duty. This, combined with a seasonal upturn in demand, led to a 4.2 per cent rise in prices. This finding came as new figures from HMRC revealed that there were 161,990 property sales of £40,000 or more across the UK, up 77 per cent on March 2015.
Regeneration in the city is also pushing prices up which, on average, are rising year on year. Numerous large projects are in the process of being built and are due for completion in the coming twelve months, meaning that graduates at the city’s universities are much more likely to settle in the city.
Off-plan housing projects are also attracting investors into the city, with the high capital gains and impressive rental yields on offer giving the city’s landlords much to celebrate.
Liverpool is open for business and is providing some serious competition to its regional and national rivals. 2017 will be another great year for the city.