Liverpool was where the Beatles began their lifelong career, where the great Titanic was registered and is home to two of UK’s most prolific football teams. This northern city of the UK once thrived as the second city of the kingdom but in the past decade, its economic boom shows the strongest growth in the country under the UK’s Northern Powerhouse initiative. Many remain highly positive of Liverpool’s robost investment future.
The government has placed Liverpool into a major city regeneration project. Withal, its economic growth has surpassed that of all of UK. In the past, the city has succeeded in its servicing sectors including public management, education, medicine, banking and financial services. Now, Liverpool has outrun the country as the trade hub of UK thriving under a new digital age and its importance as a port city. The Liverpool Waters regeneration project, with the largest container port in the country and the largest cruise terminal, will create over 17,000 new positions under an investment sum of 5.5 billion GBP, the biggest investment the country will have ever received.
Liverpool’s city regeneration, its cultural diversity and location of UK’s major universities is now attracting employers and investors into the city. The growth rate will increase the city’s young population, expected to reach over 14.0 million by 2040 and its living standards to grow another 16%. This rapid growth will position Liverpool with a GDP rate at 4.5% with rental costs to rise 7%. This is additionally backed up by its upcoming infrastructure network including the High-speed rail which will connect the city to London within only 90 minutes.
Its tourism and leisure sectors have also become major pillars into supporting the city’s thriving economy. Liverpool now ranks 6th in UK as the hottest tourism destination and within 100th spots worldwide.
London’s housing cost has stemmed exponentially over the years and its suburbs have followed similar trends. English and foreign investors are now attracted to UK’s northern cities including Manchester and Liverpool both with a lagging property market which are seen to excel in value with a soaring economy supported by the Northern Powerhouse in the short years to come.