It’s no secret that businesses across the UK are currently facing some of the biggest economic changes in the last 30 years. From web design to mining, across the country businesses are altering their models to adapt to new markets and financial broadcasts, bringing growth to some sectors and decline to others.
We recently investigated exactly what industries have seen the most dramatic developments from 2010 to 2018, and the results make for interesting reading. Read on for the findings and our key takeaways:
London on the high-rise
With a population almost the same size as Wales’ and Scotland’s combined, London has enjoyed staggering growth of over 50% in the last eight years with more economic development than anywhere else in the UK. One theory for this is the gradual population increase to nearly 9 million people, many of whom are graduates looking for work. These potential employees make for a formidable workforce to promote growth in nearly every sector. Intriguingly, a surprise winner from this growth has been London’s under-the-radar agriculture sector which staked claims to a relatively impressive growth mark of 5.97% in the post Brexit period. Other big developers outside of the capital include places in the North West such as Manchester, and areas in the East Midlands like Leicester and Derby.
Communication is King
Unsurprisingly for a new and progressive trade which forms so much of our daily lives, the web design and development fields have seen massive growth of 83% since the start of the decade. This coincides with the significant rise of media, advertising and PR by 46%, indicating a burgeoning success for the communication industries. Perhaps the most obvious reasons for this growth is that nearly everyone has access to the internet via a mobile device these days, changing the way we communicate and consume. Communication is easier and more widespread than ever before. The long-distance and mainly digital aspects of these trades also mean that companies can set up their offices anywhere across the country.
Full steam ahead for utilities
The highest growth in an industry goes to the rapid rise of electricity, gas, steam and air conditioning supply as a collective. Since 2010, this part of the UK’s economy has grown by an astonishing 88%, particularly in the North East which boasts an average year on year increase of 41.78% pre-Brexit in the field. This has declined since, in the Brexit period, slowing down to an average of 10.12% growth year on year; the success of the utilities field however can’t be denied. Other industries which have enjoyed high growths include defence and social security services (57% growth in Wales), and transportation and storage (54% in the North West) .
News from Scotland, Wales and Northern Ireland
Beyond England, the other three countries that make up the UK have all marked growth spurts of their own from 2010 - 2018. A significant rise in Wales is the aforementioned growth in defence and social security services. Scotland can claim a manufacturing increase of 17% while in Northern Ireland, a striking growth of 93% was recorded in electricity and gas services. Combined with gains made across England, the last nine years has yielded a positive economic period for the UK’s many industries, just in time for the changes brought on by Brexit and other global upheavals.
With this shift in workforce industries, employers are seeking to provide further incentives to both retain and attract employees which has seen a growing demand in flexible office spaces within London. Find out more about how you can access flexible working opportunities in cities across the UK for your business here.
All data correct at time of publication, sourced from Office of National Statistics.