Economic regeneration
Since the early 1990's, the City Council has worked to rebuild our city and improve its economy. Although our efforts are currently being hampered by the recession, Liverpool remains in a good position following over a decade of significant improvements which helped they city to play catch-up with its rivals.
We have a number of teams and services specially set up to deal with specific economic issues. We talk with both private sector and other public sector agencies, whilst it is our leader's promise to make Liverpool more business friendly.
Over the last decade we have wisely used the money which came from both central government and Europe:
- Our unemployment rate, always higher than the national average, fell steadily faster than the national level for a number of years. Despite the current blip due to the national recession, we still hope that in a few years time our unemployment rate will equal the national level.
- Between 1998 and 2002 our economy grew by 25.5%, matching the rest of the UK. However, between 2002 and 2005 it rose faster than anywhere else in the country.
- In 2004 the number of firms in the city grew by 1.75%; this rate rise was more than the rest of the UK. Rents for floorspace have been rising, and so has the value of office buildings and shops throughout the city. However, with top rates being only £22 per square foot in 2008, this makes Liverpool a highly competitive location for new and growing businesses when compared to other major cities where floorspace costs are higher.
- Business confidence is continually improving. New grade A offices have been in the city centre - mostly in the Commercial District and at Princes Dock. The first two phases of the prestigious St Paul's Square opened in early 2008 at a combined cost of £122million, adding to the grade A floorspace now available in the city.
- Liverpool Vision is heavily involved in regeneration of Liverpool's Strategic Investment Areas where new business opportunities are being developed, and new jobs are being created.
- Until 2008, the rising economy also had a huge effect on house prices. This can be seen most of all in the City Centre and southern and eastern suburbs. Here, prices rose faster than the national average for a number of years until the recent squeeze on the economy brought this trend to a halt nationally. Interestingly, it is currently being reported that Liverpool's house prices have not fallen as much as those around the rest of the country. Find out more about the wealth of homes available in Liverpool at Your Move Magazine.
Liverpool Economic Briefing
There are many ways to measure what makes the city's economy work and how it is improving. This document contains social and economic data that can help firms make choices when spending money in the city. You can read read the current Liverpool Economic Briefing. (The latest issue was published in March 2009).
Merseyside Economic Review 2007
The Mersey Partnership publishes an annual Merseyside Economic Review.
Liverpool Vision
Liverpool Vision is our main agency partner. It acts as a single point of contact where businesses can go to get a full range of services. Help is given to both new and existing firms looking to expand. Liverpool Vision can find support from core partners, and a large network of public sector organisations and agencies.
Have a look at the Liverpool Vision website to see how they can help you.