Thames Valley region will ‘show strong growth over next three years’ according to EY report
The UK economy is expected to strengthen over the coming months with the Thames Valley set to be one of the strongest performing regions over the next three years, highlighting a 2.2% predicted growth in Gross Value Added (GVA), which is higher than the South East region (1.9%) as a whole.
The Regional Economic Forecast document highlights strong growth in three locations within the region between 2020-2023 including Slough (2.4%), Windsor & Maidenhead (2.3%) and Reading (2.2%) – these predicted increases in GVA will exceed that of major cities and London.
“Whilst the report shows how desperately ‘levelling up’ is needed, the predictions for the Thames Valley are particularly interesting. In every region where a large city exists, they are forecast to grow faster than their neighbouring regional towns. However, the strength of predicted increases in GVA for Slough, Windsor & Maidenhead, Guildford and Reading, all of which exceed that of the major cities and London, means the Thames Valley is bucking the trend of the more dominant larger cities sucking the growth out of towns. It also shows that the Thames Valley has much more opportunity for broader growth.”
Richard Baker, EY, Managing Partner for the Thames Valley and South
Across the region, three sectors are expected to have the strongest GVA growth which are, Professional, Scientific and Technical (3.4%), Information and Communication (3%) and Real Estate Activities (2.9%).
Employment rates are also forecast to grow to average 1% per annum in the Thames Valley, for example, Reading is set to grow from 0.7% (2016-2019) to 1.1% (2020-2023).
“EY’s Regional Economic Forecast yet again highlights the continued economic growth of the region. The report is clear evidence that the Thames Valley is continuing to lead the South East and the UK in general. The forecast report also reiterates the strength of our Science, Technology, Finance and Real Estate sectors which are estimated to have a strong GVA growth rate and so will continue to drive and lead the UK in the future.”
Paul Britton, CEO, Thames Valley Chamber of Commerce
To download EY’s Regional Economic Forecast Report, click HERE.
Read more, HERE.