READING is excelling in economic growth compared to the rest of the country, a new league table has shown.
A new report by PwC/DEMOS has placed Reading in 8th place in a list of the best economic performers outside of London.
York topped the ranking, followed by Edinburgh, Bristol, Exeter, Swindown, and Plymouth, with Southampton taking seventh ahead of Reading.
Portsmouth and Norwich rounded out the top ten.
Reading excelled in jobs, income, and health, in which it placed second, as well as new business and skills metrics, where it ranked sixth, and the environment, where it ranked seventh.
Reading, in line with many of the other cities in the South-East, perform less well against criteria such as income distribution and the cost of housing, though it performs relatively well compared to its direct competitors, such as Oxford and Cambridge.
Julian Gray, Regional Market Leader for PwC South-East, said: “The outcomes from this year’s Good Growth for Cities Index provide a varied perspective.
“Cities like Southampton and Reading have excelled, whereas Oxford and Cambridge have experienced noticeable declines due to cost of living pressures and greater income inequality seen in this year’s indicators.
“The region’s high-income levels are promising, yet the higher-than-average ratio of house prices to earnings highlights affordability challenges. Strong results in areas such as health, skills development, new business formation, and environmental excellence indicate a solid foundation for future growth prospects.”
Nigel Horton-Baker, Chief Executive of REDA, Reading’s Economy and Destination Agency, said: “The market for attracting relocating new businesses is hyper competitive in the UK with companies considering a wide range of criteria in their decision-making process.
“Reading competes against cities such as Oxford, Cambridge and the western fringes of London.
“It is the quality of Reading’s excellent office buildings and connections to London and international airports as well as its relative performance against competitors in housing costs that make Reading a real player in the office market.
“Add to that a strong reputation for good health, low carbon emissions and a highly-skilled workforce and you get all the conditions for Reading to be the go-to relocation destination outside London.”
