Reading rated a beacon of economic wellbeing in new report
19th September 2024
Reading is ranked as the fifth best city for “good” economic growth in the UK, according to the 2024 Good Growth for Cities report.
The report, by PwC/DEMOS, measures the economic wellbeing of 51 of the UK’s largest cities through a series of measures that look beyond simply economic growth (GVA). Reading, the only Berkshire destination included in the ranking, scored highly against the majority of these measures, including income, health, skills, environment and safety. Reading rated in the UK top 10 for the following specific criteria:-
- Health – 3rd highest rating re life expectancy
- Income – 3rd for disposable household income
- Environment- 3rd for carbon emissions (CO2) for every £1 of GVA (productivity) generated
- Safety – 8th safest for violence against persons, weapons and drug offences
- Skills – 9th for share of population with RQF3+ qualifications (equivalent to A Level)
The report also highlights Reading as one of the leading UK cities that will enjoy strong future economic growth alongside its “good growth”. It forecasts that Reading will have one of the leading economic growth rates in 2025, including a growth rate higher than the other top 5 cities in the Good Growth Index 2024. Reading is defined as the Reading Travel to Work Area in the report and is ranked 5th in the overall Index behind Plymouth, Bristol, Southampton and Swindon. This economic growth, the report states, “demonstrates that strong social, environmental and economic performance can act as a prelude to strong economic growth in the future.”
Nigel Horton-Baker, Chief Executive of REDA, Reading’s Economy and Destination Agency, said: “A combination of a strong economy and excellent transport links has long underpinned the success of the Reading economy. However, this report demonstrates the inter-connectivity of a wider range of factors in shaping Reading’s envied economic performance. People and businesses value the fact that Reading rates highly for good health, safety and its climate change record, which in turn, attracts more skilled people and relocating businesses to Reading and leads to further economic growth.”
The Demos-PwC Good Growth for Cities Index ranks 51 of the UK’s largest cities (generally considered those with populations of at least 350,000 people), plus the London boroughs as a whole, based on the public’s assessment of 12 economic measures, including jobs, health, income, safety and skills, as well as work-life balance, housing, travel-to-work times, income equality, high street shops, environment and business startups. More details on the methodology can be found in the report here
