Predicted Economic Growth For Southampton

According to Southampton Data Observatory Southampton has economy worth 7.8 billion in 2019 , this was predicted to grow by 2% by 2040.

PwC indicates that Southampton was one of the least affected areas from covid in 2020. They estimate that Southampton GVA (GVA measures the contribution of a corporate subsidiary, company, or municipality to and economy, producer, sector and region) growth rate in 2020 was -9.9% in comparison to the UK national GVA growth rate of -11%. PwC’s good growth for cities list placed Southampton 3rd overall in 2020 and 6th overall in 2021.

A contributing factor of its high placement in this list was the economy’s dependence on sectors that have been less impacted by the COVID-19 pandemic, such as, transport and storage, public administration and defence, Education and Human health and Social work. These sectors contribute to almost half of Southampton’s economy.

Figure 1. Good growth for cities index 2021

Southampton’s focus before the pandemic was holistic growth in all sectors. The economic and green growth scheme 2020-2030 aims to support economic growth, bring opportunities for residents but also to make Southampton a green and environmentally sustainable city.

Southampton is shortlisted for “city of culture” 2025 which could mean that, if chosen, the economy will benefit greatly. Gov.uk says that the title would have enormous benefits with previous hosts attracting millions of pounds in additional investment, creating jobs and attracting thousands of visitors.