We’re riding out the storm
Studies show capital faring well in economic downturn
EDINBURGH is weathering the recession well – although challenges remain – according to recent reports.
Four Council reports, published in August, show that:
° compared to average year-on-year performances in cities such as Manchester, Newcastle, Glasgow, Birmingham, Liverpool and Cardiff, Edinburgh has outperformed in the areas of new business growth, house prices and city centre footfall
° Edinburgh attracted 13 overseas investments in the first six months of 2009, more than in the whole of 2008 and 2007
° the Council and its partners also attracted almost £15.5 million of new UK commercial investment in June alone, putting the Council on track to meet its target of supporting £100m of new commercial investment by 2012
° Edinburgh is the only UK airport increasing passenger numbers. Visitor spending has also been rising for hotel occupancy, festival attendees, economic value of conferences secured and visitors to Edinburgh Castle
° more than £36.5m of new developer investment was secured for Edinburgh between April and June 2009, despite continued poor availability of credit.
However, there are still challenges ahead. Edinburgh is a city that is used to full employment, although claimant rates remain below the national level. Unemployment climbed 77 per cent in the year to June, almost a fifth faster than the annual average across comparator cities.
The Council is continuing to implement its Economic Resilience Action Plan and has created a network of organisations across the region to help safeguard jobs, provide business support and stimulate new investment.
It has also introduced new schemes, such as the Executive Skills Bank which will match unemployed executives with local businesses requiring commercial support.
Need to know
For more information, visit www.edinburgh.gov.uk/buildingoureconomy