New report boosts MK’s ‘economic powerhouse’ statusDec 21, 2012
Research conducted by the company, on behalf of well-read commercial property magazine Estates Gazette, looked at 150 locations in the UK using key economic indicators including employment and output to predict which city has the best potential for residential, retail and commercial property growth between 2013 and 2017.
• For retail property growth, Milton Keynes was ranked third in the country and number one growth hotspot outside of the M25;
• For office property growth, Milton Keynes was ranked 5th in the country and 2nd outside of London;
• The overall ranking for the ‘Real Estate Viability Index’ put Milton Keynes in the top five in the UK, just behind London, Edinburgh and Leeds.
This latest news comes hot on the heels of a report from Experian last month, showing that Milton Keynes is leading the way in UK economic recovery, for both employment and output growth.
The five-year forecasts showed Milton Keynes heading a top ten of ‘prosperous’ towns and cities, in terms of growth in jobs, and in the manufacturing, financial and business services, and retail sectors.
Previous research has placed Milton Keynes as “one to watch” in leading economic recovery, but this is the first time the borough has topped a national list.
Cllr David Hopkins, Cabinet member responsible for the local economy, said: “It is very pleasing to see that the Milton Keynes momentum continues and our economic strength and success, willingness to learn, change, take chances and our die-hard, ‘can do’ legend is almost becoming a self-fulfilling prophecy.
“Now our shops and offices have been shown to be up there with the very best in the country. What next for us? I would say the sky’s the limit.”
Experian spokesman Bruno Rost said: “Our analysis puts Milton Keynes up there as the top growth borough with great prospects for the future.
“Leading retail brands have gravitated to the town where there are good opportunities for investment in both retail and business.
“Milton Keynes performs highly because its large working population has the skills and knowledge-base to support a broad and prosperous spread of businesses. This all adds up to continued employment growth and a strong economy for Milton Keynes in the coming years.”