Two cities in the East Midlands have been named the most improved areas in the UK when it comes to economic output and wage growth, according to Lambert Smith Hampton’s (LSH) UK Vitality Index.
Nottingham has climbed 16 places in the Vitality Index rankings and is now in the UK’s top 20 (19th) cities. The change was as a result of wage growth, and an improvement in economic output and university ranking. The city has one of the fastest rates of population growth and highest proportions of millennials. To support this growth, £750m is being invested into an integrated transport system.
Leicester has climbed 22 places and is now located 22nd in the rankings, thanks in large part to an improvement in its environmental performance.
For the third successive year, Cambridge has been the top-ranked UK location. This is due to strong growth in the local economy and property market and its university status and ability to attract inward investment and students to the area. Improvements are also being made to its transport infrastructure, with the new Cambridge North railway station, close to the Science Park, opening in May last year. There is also a proposal for an underground and light rail service.
The LSH Vitality Index assesses the UK’s 66 largest towns and cities outside London to identify which are best positioned for growth and provide the greatest opportunities for businesses expansion.
The results are based on the analysis of 20 datasets, with each location ranked within six separate sub-indices: most productive, fastest growing, most entrepreneurial, best educated, greenest and rising affluence.
Overall, the top 10 towns and cities in the UK Vitality Index 2018 are:
1. Cambridge
2. Oxford
3. Manchester
4. Brighton & Hove
5. Edinburgh
6. Guildford
7. Bristol
8. Reading
9. Milton Keynes
10. St Albans
Philip Quiggin, director, office agency, LSH said: “Nottingham and Leicester are both increasingly being seen as hotbeds of activity, so it’s no surprise that they are rising up the Vitality Index rankings. Without a doubt the two cities’ significantly improved rankings will further enhance the East Midlands’ reputation as a fantastic location for business and study.”
