Portsmouth is forecast to be the second-fastest growing city in terms of GVA (gross value added) by the end of 2020, according to a report published by the UK Powerhouse study.
The city’s Liberal Democrat run council recently worked with other partners in the city to formulate a new Economic Development and Regeneration Strategy, which was adopted in October 2019.
Now the new national report says Portsmouth's economy is on course to grow by 1.6 per cent this year – compared with an average of 0.9 per cent in the 46 towns and cities covered.
It also notes how a recent report found that the port, which handles around £700 million of non-EU trade each year and supports 2,410 jobs in the local area through direct employment and supply chain impacts, is worth £390m to the national economy.
Councillor Steve Pitt, Portsmouth City Council's Cabinet Member for culture and city development, said:
“The Lib Dems are keen to encourage investment and support businesses in the city to continue to grow. Our aim is to make Portsmouth Britain’s premier waterfront technology and innovation city – a great place to invest, learn, live, work and visit, and the most attractive place for starting, growing or locating a business.
“Economic growth is a way of ensuring that all of our residents have the opportunity for a decent quality of life for themselves and for their children and their children’s children.”
In the summer, Liberal Democrat councillors backed plans to invest over £138 million into the Lakeside North Harbour business park in the city. The purchase gives the city council ownership of 590,000 sqft of office space, as part of a 35 year investment plan to support the local economy and jobs for the longer term. This contrast with when the Conservatives ran the City Council and their decision to spend millions on buying a Waitrose in Somerset, rather than investing in Portsmouth!