‘STRONG DRIVERS’ WILL HELP LIVERPOOL CITY REGION BOUNCE BACK
Post-Covid recovery in Liverpool City Region will be driven its busy port and associated maritime industries, as well as momentum in life sciences, Avison Young said.
The real estate consultancy’s 2021 Forecast reports for Liverpool and Manchester noted that
Liverpool was achieving strong growth relative to the North West region and the rest of the UK prior to the onset of Covid-19.
In particular, the expanding Knowledge Quarter – already home to several world-leaders in infectious disease, digital health and advanced manufacturing – will be “critical to attracting more like-minded businesses and investment into the city in 2021”, the report said.
Liverpool’s active and important port will be another key driver of the city’s economic recovery. In particular, possible increased trade between the UK and US following Brexit, as well as the city’s bid for ‘free port’ status, add to the positive outlook.
If the bid is successful, free port status would provide the Liverpool City Region with advantageous tax conditions, catalysing development in areas surrounding the port.
Meanwhile, the Government has also committed to moving 22,000 civil service jobs out of London and Liverpool’s strengths in life sciences could attract the likes of NHS England, according to Avison Young. Other opportunities for increased inward investment could come in the form of increased reshoring of call centres and Liverpool’s strong cultural, retail and leisure offering.
Stephen Cowperthwaite, Principal and Managing Director at Avison Young Liverpool and Chair of the Liverpool MIPIM steering group, said: “After this latest period of lockdown, although recovery will take time, the resilience demonstrated by the local economy means there is a firm foothold to launch Liverpool’s recovery in 2021.
“Some trends, such as an increase in flexible working and deglobalisation – shifts that were already taking place but have been accelerated during the pandemic – are here to stay.
“But as a city, we know where our strengths lie and that allows us to home in on those sectors and show the world that Liverpool is primed to bounce back.”
Read more about Liverpool City Region’s sectors HERE.