Famous University Town To Add 7,100 New Filled Positions Between Q4 2021 and Q4 2023
Overseas investment and an economy rich in services and tech-based firms will enable Oxford to be home to one of the UK’s fastest rate of employment growth by the end of 2023 - according to a new business report.
The UK Powerhouse study, which has been produced by Irwin Mitchell and the Centre for Economics & Business Research (Cebr), analyses 50 of the largest local economies by employment and GVA growth.
In the latest report, Oxford is predicted to see employment levels grow the fastest by the end of 2023, increasing year-on-year by 2.5% and adding 7,100 new filled positions.
The report says Oxford’s economy is boosted by the strength of its services and its cluster of fast growth tech businesses. It also adds that Oxford benefits from ongoing investment in the Oxford-Cambridge Arc, a region identified as being of global importance for innovation and business activity.
It predicts these factors will provide Oxford with a year-on-year GVA growth of 2.3% by the end of 2023. This will result in a total of £900m being added to its economic output from Q4 2021 to Q4 2023.
UK Powerhouse also examines the latest trends in Foreign Direct Investment into the UK.
Although both London and the South East have seen a 23% annual dip in the number of FDI projects in 2020/21, the vast majority of investment was in these locations.
The report says the dominance of London and the South East when it comes to FDI levels contributes to the continued contrast in economic outcomes between the South and North of England.
Bryan Bletso, Partner and head of International at Irwin Mitchell, said: “FDI brings potential for higher productivity and improved economic output for many years into the future. There are signs that despite a fall in the number of projects last year compared to the previous 12 months, more recent data from the United Nations points to a strong recent recovery.
“We are certainly seeing some encouraging signs with an increase in enquiries from organisations looking to invest here and as a national firm we seeing FDI activities spread across much of our national footprint.”
Josie Dent, Managing Economist at Cebr and one of the report’s authors, said: “The economy is still expected to face some turbulence between now and the end of next year, notably through volatility in commodity prices, supply chain pressures, and the emerging cost-of-living crisis domestically. All of these factors are set to impact growth both at the aggregate level and, to a varying extent, within individual cities.
“This report highlights that much of the fastest growth during next year will be concentrated in the South. Locations such as Milton Keyes, Cambridge and Oxford have economies which are dominated by fast-growth sectors and they have also been hot spots for overseas’ investment. If economic levelling up is to be tackled effectively, these two issues must be recognised and quickly addressed.”