Norwich pinpointed as economic hotspot, research finds
PUBLISHED: 09:18 03 September 2014 | UPDATED: 09:18 03 September 2014
Norwich’s economic potential has been underscored by a far-reaching report that has pinpointed the city as a hotspot for future growth.
Norwich has come 11th out of 20 cities beyond the capital which are capable of supporting ‘dynamic’ long-term expansion, according to the study by business and financial advisers Grant Thornton.
But the research – based on the firm’s high growth index – raises concerns about the UK’s over-reliance on London’s economic power after the City topped the overall rankings with nine out of the 10 dynamic growth areas.
Richard Proctor, partner at Grant Thornton Norwich, said: “The report clearly highlights Norwich as a key centre of economic activity with strong potential for future growth.
“This can be attributed to the growing number of high-value, knowledge-intensive businesses in the city and a supportive environment for enterprise. Norwich also has an increasingly young, diverse and economically active workforce, coupled with strong transport links which contribute to a robust, economically resilient location.
“Overall, the report raises a number of interesting questions about current economic policy, as London makes up around half of the 50 top performing districts. The focus needs to be on re-balancing the economy to drive sustainable growth outside of the capital, as much as within it.”
The study provides a ranking of English cities and districts according to their growth over an eight year period from 2004 to 2012. It also looks at the quality of growth – or ‘dynamism’ – to assess areas capable of supporting expansion using a range of economic, demographic and environmental factors.