A new report into the UK economy has revealed productivity in Milton Keynes is growing faster than in almost every other place in the country, as well as being ranked first for new home construction and top 5 for employment growth.
The UK Powerhouse Report, produced by independent analysts Irwin Mitchell and the Centre for Economic and Business Research, compares the performance of Britain’s 50 most economically significant cities.
Milton Keynes has outperformed nearly all other UK places despite the unprecedented disruption to business caused by the pandemic, thanks to its broad range of businesses, strong track record of investment in innovation, and its strategic location.
The key findings
- GVA is a measure for how productive a city is per employee, and GVA in Milton Keynes has grown by 9%, putting us second only to Southampton (9.2%).
- Job creation is up by 5%. Only four other places in the UK did better.
- Construction has remained strong in Milton Keynes, with more homes built per resident than anywhere else in the UK (684 homes built per 100,000 people).
Deputy Leader of Milton Keynes Council, Cllr Robin Bradburn, who is responsible for Economic Development said: “These new figures are part of a long line of compelling evidence into why Milton Keynes is a fantastic place to do business. We have a large skilled workforce, brilliant location and transport links, and we’re an enterprise hotspot. Santander is currently investing £150m in its future here and Milton Keynes will be on a lot of other people’s minds as executives mull over what they’ve learned during the pandemic, especially those with expensive properties in the capital. We promise a warm welcome.”
Milton Keynes Council is investing £3.1m to help Milton Keynes recover following the pandemic, with projects to get women back into work, create green business growth, and create new incubation spaces for fledgling businesses already underway.