The city with the fastest growth expected in the year to Q4 2023 is Exeter, which is set to be resilient to the cost-of-living crisis recession, with 1.3% annual GVA growth forecast. This is up from 0.9% growth estimated in Q4 2022, and puts Exeter in eighth place on the city tracker table for GVA growth in that quarter.
The Devon city is also expected to see annual employment growth of 1.7% in Q4 2022 and Q4 2023. In recent years, there have been large infrastructure investments in Exeter, and the city is prioritising carbon reduction for investment in the future. The Net Zero Exeter 2030 plan identifies projects needed to meet the ambition of a carbon-neutral city, requiring £200 million in investment.
Brighton is expected to end 2023 as the fourth fastest-growing city, with 1.1% annual GVA growth. This will follow several weak quarters of growth and an annual contraction in output in Q2 2023, as cost-of-living pressures lead to weak demand.
Brighton has a large retail sector, which is likely to struggle as many consumers cut back spending amidst rising bills and mortgage costs. However, the city also has a thriving knowledge intensive business services sector, which is set to be less affected by the recession