Success of creative industries is good news for jobs growth in the capital

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The creative industries are growing at twice the rate of the wider UK economy and that’s very good news for London which is the heartland of the sector.

Latest government figures show that the UK’s creative industries grew by 8.9% in 2014, the strongest performance of any sector. They are now worth £84.1 billion a year to the economy.

The creative industries were defined by the government at the start of the century as those based upon individual creativity, skill and talent that have the potential to create jobs and wealth through the exploitation of intellectual property.

If that all sounds a bit technical it boils down to things like the music, film, TV, video games, visual arts and the fashion industry. It also includes architecture, craft and design companies. But the biggest part is IT, software and computer services.

There were 1.8 million jobs in the creative industries in the UK in 2014, when they were last counted, and most of them were in London. The last few years has also seen a substantial rate of growth in the East and West Midlands, the South West and the North East.

creative industries

The creative industries account for 11.8% of the jobs in the London economy, a much higher proportion than any other regions.  So, the continued success of this sector is particularly vital for the capital.

Source data

See also

Economic growth carries risk for culture and creativity, says report

Shrinking public sector employment outdone by private sector jobs growth

Self employed map shows huge rise in parts of city

 

History gives city the edge in adapting to change in future

St paul's domeLondon is the city best equipped to adapt and thrive in a changing world due it its historical commitment to education, technology and openness to the world, according to PwC in it’s Cities of Opportunity report.

London topped the rankings of 30 global cities for the first time, as reported by Urbs. The cities were ranked under 10 different categories that were determined by 59 data points and a survey of 15,000 of PwC’s staff around the globe. The company split the 10 categories into 3 broad areas – Tools for a changing world, Quality of Life and Economics.

London scored particularly well in the first area. This included 3 of the 10 categories – intellectual capital, technology readiness and city gateway. London gained second spot for intellectual capital but was top in the other two.

The criteria for intellectual capital included the literacy and maths skills, the percentage of people in higher education, world rankings for universities, innovation and the entrepreneurial environment. London rose from sixth place last time. It scored highly for the quality of its universities, but lower for maths skills and literacy.

Technology readiness looked at Internet access, broadband quality, software development and the digital economy. London scored highly for software development and moved up from eighth place overall to share the top spot with Seoul.

As a city gateway giving it global access London won convincingly, according to PwC. It seems that all flights, if not all roads, lead to London as it had the highest passenger flows. It also scored highly not just for being connected to the world but as an attractive destination for tourists and workers.

PwC Tools for changing the world – Top 10 cities
Intellectual Capital Technology Readiness City Gateway
1 Paris London/Seoul = 1 London
2 London Beijing
3 San Francisco Stockholm Singapore
4 Stockholm Hong Kong Hong Kong
5 Toronto New York Tokyo
6 New York San Francisco Madrid
7 Los Angeles Los Angeles Paris
8 Sydney Singapore Dubai
9 Chicago Chicago Shanghai
10 Tokyo Tokyo New York

Source data

See also

Economic clout helps London to another global cities crown