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Creative sectors drive jobs growth, says research

Headset - Research concludes small companies are drivers - SantanderCB

New research has concluded that small companies in the creative, professional and digital sectors are the main drivers of jobs, productivity and wage growth in cities. The Centre for Cities says it has identified a link between what it calls 'new work' SMEs and economic success. Its Small Business Outlook 2015 found that the top 10 UK cities with the highest concentration of new work SMEs are also among the most successful places in terms of pay, jobs growth and productivity. The report shows that SMEs in new work sectors are growing at a much faster pace than those in other areas. From 2008-14 the number of SMEs in the creative sector rose by 25%, compared with 17% in professional services and just 2% in manufacturing. Seven of the top 10 cities for new work SMEs are in the 'greater south east' region, including Reading, Cambridge, London and Oxford. The only northern cities in the top 10 are Aberdeen, Warrington and Edinburgh. Alexandra Jones, chief executive of the Centre for Cities, said: 'In recent decades, small innovative firms, taking advantage of technological advances, have started to play an increasingly important role in driving jobs growth, wages and productivity in UK cities. Helping these firms to grow should be a top priority for the government in its efforts to rebalance the national economy, including the Northern Powerhouse initiative.'

 

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