Glasgow has proven to be the city with the most resilient economy in the face of the pandemic, a new study has revealed.
The Evaluate|Locate economic vitality index shows that since the start of the first lockdown Glasgow’s rating has risen by 12.2%. The next best performing cities were Liverpool and Southampton with rating rises of 7.3% and 4.9%.
Evaluate|Locate rates every location across the UK on the basis of 96 economic metrics which are grouped around business density; earnings; employment levels; average residential values; and population movements.
Of the 15 key city economies analysed in the Evaluate|Locate Key Cities Tracker, London was ranked seventh and saw its rating fall by -0.7% during the past two years.
‘Since the first lockdown Glasgow has led the UK in terms of overall economic vitality, driven in large part by the strength of many local businesses through the COVID era and a relatively resilient jobs market,’ said Adam Kirby, head of data & insight at JPES Partners, which created the index.
‘Our new Key Cities Tracker illustrates stark differences between the post-pandemic fates of UK cities. It’s also beginning to highlight the next challenge – a cost of living crunch that is afflicting the whole country.
‘But this too isn’t the same everywhere. We’ve seen earnings struggling to keep up with inflation in many locations during the past six months but less so in others such as Glasgow, Liverpool and Southampton.’