Ipswich in top five of best performing UK city economies, Irwin Mitchell/ Centre for Economics and Business Research report says
PUBLISHED: 15:30 23 October 2017 | UPDATED: 15:30 23 October 2017
Ipswich has been highlighted as a top performer in a new study looking at economic growth in 45 of the UK’s largest cities.
According to the report, by law firm Irwin Mitchell and the Centre for Economics and Business Research, Ipswich’s economy grew by 2.0% in the 12 months to the end of June 2017, making it one of the top five cities for Gross Value Added (GVA) growth, followed by Norwich in sixth place.
The UK Powerhouse study valued the Ipswich economy at £4.5bn and said its annual employment growth was 0.6%, taking the total employment level to 80,900.
The town offers “excellent” conditions for business and its track record for start-ups and entrepreneurs is “impressive”, with almost two thirds of business started in Ipswich still operating after three years, it said.
It was ranked 13th out of the 45 cities analysed for the impact of technology, valued at £208.9m.
The sector had grown by only 5% in Ipswich between 2012 and 2015, and contributed just 5% to its total economic output.