Transport drives south coast growth

GVA decreased in all cities in 2020, as the pandemic and associated lockdown measures played havoc with businesses’ productivity and consumer spending. But Q4 2021 saw positive changes across the board.

Transportation and storage dominates the city’s GVA, but it only employs a relatively small part (7%) of its workforce. In comparison, the largest source of employment is in human health and social work services, with 20.2% in 2019.

The impact on the pandemic on the transportation industry was ambiguous. Passenger transport decreased during the lockdowns, and increased when restrictions eased. But demand for shipping and courier services increased as consumption shifted online. UK exports to EU countries have recovered after plummeting in January 2021, while imports from non-EU countries in 2021 are higher than they were in 2020. This increased trade volume led to greater activity in business ports in the UK, such as Southampton.

Source: Irwin Mitchell