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UK Economic Performance
The centre for cities has just released it cities outlook 2013 report and it is a goldmine of information, most of which is very useful to investors and potential investors.
The report breaks down the UK's main cities by a series of important metrics, many of which are the very things investors focus on in their initial research including population growth, employment, business start-ups, earnings, housing and disparities.
According to the report Milton Keynes has the fastest growing population in the UK, and has done sine 2001, during which time the population has grown by 17%. However, London's population has grown the most in absolute terms. London's growth of 938,500 in the decade to 2011 is more than three times higher than the rest of the top 10 cities put together and the equivalent of the combined growth of 55 cities. It is also the only major city in the top 10.
London then tops the chart of business start ups, with 72.5 new start-ups for every 10,000 inhabitants. Milton Keynes also makes an appearance here in 4th behind Aberdeen and Reading in 2nd and 3rd. With 54.4 business start-ups per 10,000 inhabitants Milton Keynes isn't far behind Reading with 54.8 or even Aberdeen with 55.1, however of the three Aberdeen looks most attractive in this metric because it has only 34.7 business closures per 10,000 of the population, compared to Reading and Milton Keynes with 42.2 and 43.6 respectively.
Aberdeen also features highly in the top 10 cities for employment; with an employment rate of 77.9% for the period July 2011 to June 2012 Aberdeen came in just behind Aldershot with 78%. However, compared to the previous year Aberdeen employment is up 2.4% from 74.5, while Aldershot has improved by just 0.8% during the same period. Worthing, Crawley and Reading made up the rest of the top 5, all with more than 2 thirds of their population in employment, as did York, Warrington and Norwich in 6th, 7th and 8th. Indeed the first city in the top 10 with less than 2 thirds employed is Milton Keynes in 9th with 74.9%. Preston completes the top 10 with a rate of 74.2% compared to the bottom of the bottom 10, Blackburn with 61%. The UK average for the period was 70.2%.
The report contains a whole host of other information and anyone considering any kind of investment in UK cities over the coming year couldn't go wrong to give it a look see.
Think London has reached it's peak? Check out our Top 10 Property Investment Areas in London
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