The UK’s fastest growing economy is Croydon, new research has revealed.
The borough topped the list of 173 areas with an annual growth rate of 9.3 per cent in Gross Value Added, which is over three times the UK average increase of 3.4 per cent over the same period.
Gross Value Added is a measure of an area’s contribution to the UK economy based on the value of the goods and services it produces per person.
Croydon is shedding its suburban South London image after “significant regeneration over the last 10 years”, according to new research by the accountancy group UHY Hacker Young.
The report said the South London borough is often dubbed as “London’s third city” and the “Silicon Valley of South London”.
“Croydon has reinvented itself over the last 10 years and is attracting a wide range of businesses to the area and is quickly becoming a commuter hotspot,” said Colin Jones, Partner at UHY Hacker Young, in a statement. “Over the last two decades, significant resources have gone into Croydon’s regeneration including improving its transport connections with the rest of London and the UK.”
The technology scene in Croydon is burgeoning and it’s home to over a thousand digital, creative, and technology companies.
Tech companies in Croydon include Quid Cycle, a Fintech peer-to-peer lending company; Dotmailer, an email marketing firm; and Croyative, an online marketplace for charities to connect to creative professionals.
The report found that London continues to be the economic hub of the nation; Camden & the City of London and Bromley were also in the top five areas for fastest growth rates, closely following Croydon.
“Central London firmly remains the powerhouse of the nation’s economy, with outer boroughs such as Bromley now joining more areas such as the City of London and Silicon Roundabout as centres for economic growth,” said Jones.