A strong economic foundation
Part of the West of England Growth Strategy.
The West of England is outperforming the national economy, and its untapped potential is ready to power the UK’s next wave of growth.
A national growth asset, primed for investment, innovation, and impact
The West of England is one of the UK’s most dynamic economies worth over £54 billion and growing faster than the national average.
Over the past decade, our economy has surged by 21%, and since 2019, we’ve achieved an average annual growth rate of 2.4%, well ahead of the UK’s 0.6%.
With the highest productivity levels of any Combined Authority outside London, the West of England is a national growth asset, primed for investment, innovation, and impact.
Strong and growing inward investment
Since 2019, the region has seen significant inward investment, particularly from the private and international sectors. The total value of all foreign investments in the region more than doubled between 2018 and 2021, from £16.5 billion to £42.8 billion, with overseas-owned companies earning over £2.3 billion in profits locally in 2021 alone.
Despite recent global headwinds, the region secured 36 FDI projects in 2022–23, its best year on record, creating 1,408 new jobs, and a further 24 projects and 1,112 jobs in 2023–24.
Investments in the West of England reflect strong international confidence in the region’s innovation strengths, talent pipeline and business environment.
A growing location for international investors
Recent investment includes a £32 million Global Technology Centre in Bristol funded by GKN Aerospace and government partners.
Bath is home to £1.3bn valued NCR Voyix, following the acquisition of Zynstra (from University of Bath Innovation Centre) by NCR.
The £1 billion Bristol City Leap partnership is decarbonising Bristol’s homes, buildings and energy infrastructure, supporting communities to decarbonise, creating jobs and more.
Inward investment from global producers including Disney+, Netflix and the BBC generated over £20m in local production spend in 2022. This is helping regional companies, like Plimsoll Productions – now the 3rd biggest production house outside London – grow.
YTL’s catalytic £4bn investment in the UK is centred on the new town at the heart of the West Innovation Arc. With a new arena, homes, employment sites and a hive of innovation, the Arc will be a thriving new national growth opportunity. And in North Somerset, the £400m investment from Epic in establishing their European Headquarters will have significant impact on the growth of the region.
An economy founded by ideas
The West of England has a long history of being at the forefront of new ideas – it is a bedrock of our economy and our growth potential. From Brunel to Concorde, 5G to Quantum, the impact of the West of England is felt across the globe. Since 2000, we’ve seen an explosion of innovation – new start-ups, creative growth that drives the wider economy to innovate, and new technology that is revolutionising the way we live our lives. The West of England is consistently recognised as one of the country’s leading start-up ecosystems. Our innovation-led economy is not only powering local prosperity – it is a national asset for growth.
Timeline showing major innovation milestones in the West of England from 2000 to 2025.
- 2000: Aardman Animations wins four Oscars.
- 2001: SETsquared Bath opens at the Innovation Centre.
- 2007: GKN established.
- 2008: National Composites Centre (NCC) established.
- 2009: Ovo Energy founded.
- 2010: Bottle Yard Studios opens.
- 2011: Bristol & Bath Science Park opens; Bath Spark launched (later led to TechSPARK).
- 2012: Bristol Robotics Lab opens.
- 2014: JustEat opens Tech Development Hub; Open Bionics founded in Bristol (develops world’s most advanced bionic arm); Bath Digital Festival starts (later becomes Bristol Tech Festival).
- 2015: Bristol named European Green Capital (first UK city to achieve the award); Banksy opens Dismaland in Weston-super-Mare.
- 2016: Future Space Innovation Centre opens at UWE; CAMERA launched in Bath (moved to Bottle Yard Studios in 2020).
- 2017: Bristol named UNESCO City of Film; Oracle Global Cloud Accelerator, Dyson, and Ultrasoc open.
- 2018: Graphcore becomes West of England’s first unicorn; Tech Nation names Bristol and Bath the UK’s most productive tech cluster.
- 2020: Channel 4 opens in Bristol.
- 2021: GKN Aerospace opens £32M Global Technology Centre in Filton; MyWorld creative hub launches in Bristol and Bath; Bath becomes UK’s only double-inscribed UNESCO World Heritage Site; Food Works South West opens.
- 2025: Isambard-AI Supercomputer officially launched.
The graphic features a yellow arrow running horizontally across the centre, decorated with purple icons representing innovation themes such as film, energy, robotics, digital, and AI.
The West of England’s diverse economy is a launchpad for high-impact growth across multiple sectors
The West of England has recognised sector strengths that will be crucial drivers of growth over the next decade. Alongside this, the region has a diverse economy, and growing strengths in a wide range of sectors that are creating high-quality jobs and dynamic businesses which compete well beyond our region.
We have a thriving professional services sector, including finance, law, and consulting, which underpins and supports the region’s innovation and business activities. These services are crucial for the smooth operation and growth of businesses across various industries, providing essential support in areas such as legal advice, financial management, and strategic planning.
We also have a strong financial services and insurance sector, growth in construction, and growing expertise in areas like life sciences.
While our Growth Strategy will focus on our core areas of strength, the decade ahead will unlock broad investment potential across the West of England – driving prosperity, creating high-quality jobs, and improving quality of life for communities across the region.
Growing the economy and improving lives across the West of England
We want to transform our region.
The next decade will see the West of England change. Growth will mean more job opportunities, new homes, an injection in pace and investment in the transformation of our transport network and the strengthening of those relationships that will help us deliver.
In 10 years, the action in this strategy will deliver tangible change and improve the lives of the people who call this region home.
