Merseyside is home to 1.6 million people with over 475,000 businesses and an economy of £20 billion a year.
Over the past 10 years Merseyside and Liverpool City Centre have been transformed with £5 billion invested in projects such as the Liverpool ONE development and the Echo Arena and Convention Centre (ACC).
During the next decade there will be further investment and challenges continuing the region's growth, which will present opportunities for investment of up to £7 billion in what is the UK's fastest growing city economy, outside of London.
This investment and regeneration will provide over 100,000 new jobs set up across four main sectors:
- Knowledge Economy
- Visitor Economy
- Low Carbon Economy
Liverpool – SuperPort
- Liverpool's ports, airport, road, rail networks and logistics infrastructure currently employs 34,000 people generating £1.1bn.
- Over the next ten years there will be a further £1bn invested in the Liverpool SuperPort, with new port facilities able to accommodate the world's largest cargo vessels creating 20,000 new jobs and adding £6bn to the local economy by 2020.
- The job roles that will be required over the next decade will stem from the Transport and Logistics, Business Management, Port and Maritime Management and Engineering.
Low Carbon Economy
- With its miles of coastline Liverpool is a natural environment to develop renewable energy sources. Tidal power from the Mersey estuary, one of the largest tidal ranges in Europe, is helping to develop the city in a tidal energy.
- The 5GW offshore wind farm planned for the Irish Sea, will see major opportunities for manufacturers, installers and maintenance.
- Currently, 8,700 people are employed throughout the region working in the Low Carbon sector. The delivery of the Liverpool Region Low Economy Action plan will see a further 12,000 opportunities created during the next five years.
- Liverpool's universities continue to develop sustainable technologies with specialist research centres.
- The job roles created by the Low Carbon Economy Sector will include automotive, mechanical and electronic engineering and marine and nuclear science.
- Visitor numbers to the Mersey region continue to rise bringing in further investment through new hotels, restaurants and bars.
- Over 3000 hotel rooms have been opened in the last decade with major brands such as Hilton and Radisson now open in the city centre.
- A new cruise terminal and budget flights to and from John Lennon Airport has led Liverpool to become a major tourist attraction in the UK.
- This has led to an explosion of new restaurants and bars giving Liverpool a rich and varied nightlife.
- Over 30,000 people are employed in the Visitor Economy throughout retail, hospitality and recreational industries.
- During the next 10 years the region is targeting a further 60% growth which will see visitor spend go up to £2bn per year and create 14,000 new jobs in the catering, hospitality, transport and events management.
Liverpool City Region's knowledge Economy encompasses a variety of industries and by the early 2020s aims to generate an additional 60,000 jobs. The industries include:
- Life Sciences
- Creative & Digital
- Financial and Professional Services
- This sector currently accounts for over 57,000 jobs and 10 % of economic output.
- Merseyside is home to over 100 medical companies delivering products and services worth in excess of £1.5 billion per annum.
- Major research facilities, including three universities, the Liverpool School of Tropical Medicine and six hospital trusts.
- Major pharmaceutical companies such as Novartis and Eli Lily.
- Liverpool City Region is home to over 3000 manufacturing companies employing over 34,000 people.
- Major global manufacturers such as; Unilever, Jaguar Land Rover, Getrag, General Motors, have a major impact on the local economy in Merseyside.
Creative and Digital
- This industry is growing all the time and currently employs 23,000 people with over 3000 businesses operating in this sector, making up 7.4% of the local economy.
- Liverpool is one of Europe's focal points for the games industry, with studios such as Set Go Games and Magenta.
- They City is recognised for multi-platform content via firms such as Conker Media, which is part of Lime Pictures, Other brand leaders in this sector include: Trinity Mirror, Cream, Deltasonic and Ad Lib Audio.
- There is also a strong core of local growth businesses, such as Mando, Evolve. Integral and Rippleeffect. Merseyside ACME, established in 1997 was the first creative industries sector development agency in the UK and works to support the growth and sustainability of creative businesses in the region.
Financial and Professional Services
There are over 71,000 people employed by over 7, 400 companies in this sector. Asset and wealth management is a notable strength with Liverpool being the most important English location outside of London.
The sector has a broad spectrum of companies providing enabling expertise including:
- Wealth Management: Rathbones, Investec, Barclays Wealth, Coutts, and Tilney
- Accountancy & Advisory: Ernst & Young, PWC, Grant Thornton, KPMG & Mazars
- Banking: Santander, RBS, HSBC, Lloyds & Barclays
- Law: DLA Piper, DWF, Brabners, Hill Dickinson and Weightmans
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Subject which uses this term: Science, Geography
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For example: "Scientists are working hard to ensure the world does not see another viral pandemic."
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