Belfast shows strongest economic momentum among UK cities
The potential of the Northern Ireland economy has been highlighted by new analysis which shows that in the past year Belfast has shown twice as much upward economic momentum than a group of other major UK cities.
Analysis by EvaluateLocate shows that in the past 12 months the percentage rise in Belfast’s economic vitality rating was 5.6% – more than double that of the next highest ranked city, Cardiff at 2%.
In contrast, Greater London saw a 0.6% uplift while Bristol moved upward by 1.6% and was followed by Glasgow with a 1% uplift while Leeds and Manchester respectively saw declines in vitality of -0.5% and -0.6%.
Economic Momentum (12-month % change in Economic Vitality Index) October 2023-October 2024
The movements were tracked by the EvaluateLocate Economic Vitality Index – a measure which is powered by more than 100 metrics and is equally weighted across three headline data pillars around household prosperity, business activity and the labour market.
EvaluateLocate CEO, Adam Kirby, comments: “This latest analysis shows the extent to which location-specific economies are now slowly recovering after the worst of the cost-of-living crisis.
“Following Brexit, Northern Ireland’s strategic border position has triggered investment and Belfast has one of the fastest-growing tech sectors in the UK.”
In the past 12 months, EvaluateLocate reports that the city has seen the number of its active tech businesses increase by 4.2% while, by comparison, Greater London saw a decline of -1% and the UK average dropped by -1.3%.
Adam Kirby comments: “This positive vitality movement does not seek to minimise Belfast’s ongoing economic challenges, but it shows that stereotypical perceptions of a location’s trajectory are often at variance with what’s actually happening at the heart of an economy”.