Bristol Business Guide

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5
Bristol’s Economy
Bristol is a vibrant and
cosmopolitan city, with an
international profile reflecting
a rich fusion of cultural heritage
and a bustling mix of
communities, surrounded by
natural beauty.
The city can boast market-leading
expertise and market opportunities
in the areas of Advanced/ High-tech
Engineering, Construction, the
Creative Industries, Environmental
Technologies and Services, Financial
and Professional services and
Retailing.
The data available shows that Bristol’s
Gross Value Added (GVA) per head was
£54,900 in 2015, the third highest in
England excluding London and the
South East. Bristol’s economy grew at
£681m per annum between 2012 and
2015, putting it on target to regain the
position it would have been in if the
2008 recession had not occurred, by
2018. For the period between 2005
and 2015 GVA per head in Bristol grew
by 29.5%.
Regarding connectivity, Bristol has
excellent access to other UK and major
European markets via its road and rail
network, Bristol Airport and the Port
of Bristol. The Port is one of the most
economical port distribution locations
in the UK, serving some 42 million
people within a 250km radius. The
£500 million development of a new
deep-sea container terminal at
Avonmouth will take us even further,
whilst creating 1,200 new jobs. In
2016 Bristol Airport received a record
number, (7.5m), of passengers and
with a series of expansion projects
soon to be completed, this growth is
set to continue.
A further significant pillar maintaining
the strength of Bristol’s economy is its
600,000 strong workforce, which is
one of the most highly educated city
regions in England. In 2015 44.3%, of
the working age population of Bristol
was qualified to NVQ level 4 or above,
compared to 36.9% for England. The
provision of a modern skilled workforce
is provided by, and in conjunction
with, the academic institutions within
the city. Further education is provided
by the City of Bristol and South
Gloucestershire and Stroud Colleges.
Both of these institutions provide
a range of education and training
opportunities designed to meet the
needs of individuals and employers.
At the Higher Education level Bristol
is served by two of the UK’s most
highly regarded universities. Bristol
University is consistently ranked in
the top 10 in the UK as well as being
highly ranked in European and
International terms, and has launched
an ambitious expansion plan including
a £300m investment in a Business
and Technology Campus in the Bristol
Temple Quarter Enterprise Zone. The
University of the West of England
(UWE) is a modern, growing university
and is the largest provider of higher
education in the South West. UWE also
BRISTOL – A GREAT
PLACE FOR BUSINESS
hosts one of only four UK University
Enterprise Zones. Both Universities
play a large role in city-wide Research
and Development initiatives and work
closely with Bristol City Council and
the West of England Local Enterprise
Partnership on a range of innovative,
world-leading projects. A high
proportion of the universities’ students
choose to remain in the city after
finishing their studies, directly
contributing their expertise to the local
economy. Both universities provide
a direct and strong commitment to
Bristol’s economy with their
established enterprise links providing
Knowledge Partnership Schemes and
Business Incubation facilities for high-
growth/ high-tech business start-ups.
Uptake in the city centre office
market reached 782,938 sq ft in
2016, exceeding the level recorded
during 2015 and 29% above the five
year average of 604,860 sq ft. There
is a wide range of flexible office space
available to suit all needs, especially
with the development of major
projects such as Finzels Reach and
Glass Warf 3.