WHY GLASGOW
According to the EY, “When considering investing in regional locations outside of London in the UK, the criteria that investors rank as most important include:
- availability and skills of the local workforce
- strength of business networks locally
- local labour costs
- support from regional economic advisory bodies.”
Glasgow and the wider city region can offer this and much more.
Glasgow can boast one of the best educated and most flexible workforces in the UK with 52% of the working age population educated to degree level, placing Glasgow in the top 15% in Europe. We have world class universities and colleges producing nearly 34,500 graduates from a pool of more than 185,000 students spanning 140 countries. The wider metropolitan region has the second largest student population in the UK and has more international students studying in competitive universities than almost any medium-sized city (1-3m) in the world.
The value of international students to the universities and the wider economy cannot be underestimated. In a recent report from London Economics, it was estimated that international students based in the single constituency of Glasgow Central are worth £292 million to the UK economy alone, which is £2,720 per local resident, and many of these students chose to stay in the city for work after completion of their studies.
In addition to engaging with higher and further education, Glasgow has a dedicated skills support that will embed businesses with talent emerging from our 30 city secondary schools as well as engaging with a breadth of programmes aimed at promoting the diverse talent pool Glasgow has to offer.
The city has a young population, with the lowest median age in Scotland. It has an unrivalled place offer, enticing 51% of graduates to stay in the city, attracted by its vibrant city centre, high internet speeds, affordable housing, excellent career opportunities and a quality of life that differentiates Glasgow from elsewhere in the UK. Millennial appeal is at an all-time high thanks to its ability to meet the needs and preferences of early-career mobile workers.
The city benefits from independent strategic leadership through the Glasgow Economic Leadership (GEL), a high-level forum of leaders from the private, public and academic sectors to support economic activity in Glasgow with a focus on investment and jobs. GEL’s aim is to support the growth of investment and jobs in Glasgow. Furthermore, the economy is supported by a strong and high-functioning business network anchored by key partner organisations such as the Glasgow Chamber of Commerce, and the Federation of Small Business and business ecosystems in particular those emerging from our digital and tech communities in and around our innovation districts.
If affordability and cost are also important determinants for investors, on a cost comparison basis, Glasgow has the edge. The city’s labour costs are 44% lower and property costs 62% lower than London. Grade A office rents are 66% lower than London, 8% lower than Manchester and 6% lower than Birmingham while offering excellent quality and choice.
Furthermore, Glasgow has one of the most affordable housing markets in the UK, making the city among the most cost competitive and affordable locations in the UK.
Glasgow is moving up the ranks as a UK digital infrastructure leader, with work underway on one of Europe’s largest city-wide full fibre rollouts. Today Glasgow is well on its way to being the best connected city in the UK with over 5,000km of planned and deployed full fibre digital infrastructure. providing the essential fibre foundation for the expanding 5G rollout. This guarantees that the city has a modern fit-for-purpose and future-proofed digital infrastructure.
The Glasgow City Region is home to three innovation districts – Advanced Manufacturing Innovation District Scotland (AMIDS), Glasgow Riverside Innovation District (GRID) and Glasgow City Innovation District (GCID). It is an area of high potential opportunity in life sciences and precision medicine. It is also the location of five innovation centres, 4 catapults and three public sector research institutions and one of the UK’s fastest growing tech ecosystems.
In 2022, Glasgow City Region was selected by the UK Government as one of three UK Innovation Accelerators, underscoring the city region’s credentials as a cradle for R&D, knowledge and innovation. More recently, Glasgow City Region was granted investment zone status with innovation and fair work at its heart. The aim of the investment zone will be to boost the economy, stimulate business growth and create high-quality, well-paid jobs. The financial support to investment zone will include targeted investment, tax reliefs and other incentives over the next 5 years.
The critical mass of innovation assets and financial incentives sets Glasgow City Region apart from elsewhere in the UK and will make a significant contribution to the realisation of Glasgow having one of the most innovative, inclusive and resilient economies in the UK by 2030.
Invest Glasgow will continue to monitor investor trends and requirements to help shape our offer. We will create targeted investor propositions which encapsulate our unique set of assets, offering compelling reasons to select Glasgow as the UK location of choice.
Invest Glasgow will work closely with internal and external stakeholders, including the Universities and innovation districts, to help deliver the new investment zone and promote investible propositions to take to market. We will also facilitate introductions between inward investors and senior city politicians and officials where experience has shown us the value investors place on being welcomed to the city.
