Liverpool’s creative and digital sector set to grow by more than 10% by 2028, attracting new occupiers to the region
A new report, published this week by global commercial real estate firm Avison Young, show that Liverpool’s creative and digital sector is predicted to see growth of more than 10% within the next five years – with 10.7% growth anticipated across the wider North West region.
According to data from Oxford Economics, which features in Avison Young’s Liverpool Outlook report, the creative and digital sectors are leading the way 10.1% growth expected in Liverpool. Liverpool’s creative, digital and technology ecosystem continues to build, having doubled in size since 2012.
Other sectors fuelling regional growth include health and life sciences, integral to Liverpool’s economy and hospitality, which is expected to see growth of 9% in Liverpool by 2028. Advanced manufacturing is also one of Liverpool’s key strengths, with its strategically significant location for industrial occupiers and its multimodal port’s proximity to 50% of UK manufacturing sites.
The government’s pledge to invest £12 billion in improving rail links between Manchester and Liverpool will also play a critical role in growing the creative, digital and tech ecosystems across the Liverpool City Region.
The launch of Avison Young’s new Outlook report was preceded by an event in Liverpool last week, featuring panel discussions with key regional decision-makers on the current and emerging growth opportunities in both cities, and the importance of public and private sector partnerships in stimulating investment into the economy.
Stephen Cowperthwaite, Regional Managing Director for Liverpool and Managing Director of UK Regions at Avison Young UK, said:
“Liverpool’s strengths in advanced manufacturing, health and life sciences, and the digital and creative industries will be instrumental in creating new jobs and retaining and attracting talent to drive the city forward. The revitalisation of the docks in the north of the city, alongside the transformation of the region’s towns, will act as catalysts for wider regeneration investment. All of this is fuelled by the region’s famous cultural offer, paving the way for the city region’s next chapter and the delivery of real social, environmental, and economic value.”
Dr Aileen Jones, Executive Director, Investment & Delivery at Liverpool City Region Combined Authority, said:
“Liverpool City Region’s core growth sectors – health and life sciences, creative and digital, and advanced manufacturing – present a transformational opportunity for the region. Our bio-manufacturing cluster is one of the biggest in Europe; we have a huge area of opportunity in gaming, medical technology, AI and quantum computing; and our advanced manufacturing sector is home to world-class expertise. These sectors make up a thriving business environment, are a huge draw for investment, and will continue to attract new occupiers to the region.”
Lynn Haime, CEO at Baltic Creative CIC, said:
“Around 9% of businesses in the Liverpool City Region sit within the creative and digital sector, and Baltic Creative CIC and the wider regeneration of the Baltic Triangle area has been a core enabler of the growth of this sector. Now, with around 100 businesses based in the Baltic Creative neighbourhood, operating across broad and diverse industries, we’re seeing the growth of a vibrant and innovative community which sits as an exemplar, regionally, nationally and internationally, of how to nurture and grow a creative and digital ecosystem.”
For more information on Avison Young and to view its Liverpool Outlook reports, please click HERE.