Reading has been ranked 13th in a major international ranking of non-capital cities around the world. San Francisco, Montreal and Houston fill the three top spots of the FDI Tier 2 Cities of the Future ranking, published on 18 August 2020.
Reading has been the fastest growing economy in the Thames Valley over the last 20+ years 1997-2019 according to the EY UK and Regions Economic Forecast 2020. Reading's future growth (2020-2023) is forecast for 2.2%
Reading was named the 2nd best place to live and work in the Good Growth for Cities 2020index (PwC/Demos) of the largest 36 economic areas in the UK, according to 10 key indicators key to economic success and wellbeing, including employment, health, income and skills.
Reading has among the highest productivity per worker (GVA) in the UK, with an average productivity of £83,801 per job (6th highest - Centre for Cities Cities Outlook 2021).
Reading also has the 7th best qualified workforce in the UK, with 51% of Reading's population educated to NVQ4 or above (Centre for Cities 2020); it is 5th for share of UK graduates (28% of population are graduates) and over a fifth of University of Reading graduates stay local thanks to the buoyant economy.
Reading has the 6th highest employment rate in the UK (Centre for Cities Cities Outlook 2021). High wages attract a skilled workforce - Reading has the 4th highest average weekly wage in the UK (Centre for Cities 2020) - £623.67 per week. Reading's employment growth is forecast to rise to 1.1% per annum (2020-2023), according to EY.
Reading was ranked in the top 25 most attractive European cities for Foreign Direct Investment in the FDI European Cities & Regions of the Future (2018/19 - Financial Times). This benchmarks European cities against economic potential, human resources, cost effectiveness, quality of life, infrastructure and business friendliness. Reading was also rated second Small European city for business friendliness and ranked in the top ten in four other business categories in the FDI awards.
Thames Valley Berkshire LEP's Business in Berkshire report 2018 quote 30 FDI projects in Reading 2017-18, more than any other location in Berkshire.
Reading has the 2nd highest housing stock growth in the UK (Centre for Cities 2020)
Reading has the 10th highest start up rate in the UK, according to Centre for Cities (2020). Reading has attracted many global companies and is home to 13 of the world’s top 30 brands. Microsoft, PepsiCo, Cisco, Symantec, Oracle Corporation, Prudential, Verizon, Thales and Bayer all have offices in Reading.
According to Centre for Cities 2020, Reading has the 4th highest number of businesses (per 10000 population) in the UK
Reading has 8 times the UK average concentration of tech businesses, according to Tech Nation 2018. Reading employs 44,405 people in the creative industries, the 4th highest in the UK. It also boasts 5248 creative businesses, the 5th highest in the UK, according to Nesta.
Reading is only 25 minutes non-stop from London by train. Over 200 trains a day link Reading’s new £800 million station with London, just 22 minutes away. There are direct links to hub airports - Heathrow (40 mins) and Gatwick (75 mins) and Reading is located on the M4 east /west motorway axis. Crossrail will link Reading directly to central London from 2021. Reading boasts an award-winning bus company. Reading Buses has been named as Bus Operator of the Yearat the National Bus Awards.
Reading has 8 times the UK average tech density with over 42,000 people employed in digital jobs locally (Tech Nation 2018). The turnover of the digital sector in eading is over £13.5 bn with productivity per worker standing at £234,000.
Reading borough has the best A Level results in the country (of 151 local authorities) for the fourth consecutive year. The combination of high achieving grammar schools and academies alongside leading independent schools means Reading pupils achieve the average student scoring 38.73, the highest in England. Reading School (boys state grammar) is ranked 8th in the country for GCSE results.
54% of the working population is educated to degree level or equivalent (Centre for Cities 2020)
An £900 million investment in Reading station has improved connectivity with London, the rest of the UK and the gateways to Europe and the rest of the world. Major speculative investments are coming on stream such as Forbury Place - 370,000 sq ft of international HQ space, Station Hill – 900,000 sq ft office, residential and retail and the University of Reading’s multi- million investment in a Science and Innovation Park.
Rated was rated 8th best European micro city for the quality of life, based on health, labour force and income according to the most recent FDI European Cities & Regions of the Future (2012/13 - Financial Times. The 2013 Good Growth for Cities’ report remarked that Reading’s size and location means it offers many of the benefits usually associated with large cities without the drawbacks. The RSA National Heritage Index (2015)rates Reading in the top 16 per cent of the country for its overall heritage, while the RSA 2016 Index puts Reading in the UK top 2% for museum assets and top 16% for heritage assets. Reading has 800 listed buildings, 15 conservation areas, two scheduled ancient monuments and five historic parks and gardens.
Reading is home to a number of beautiful business park developments, Grade A office space with lots of new build coming on line, serviced offices, refurbished office buildings – all much cheaper than London prices.
Reading is second only to London for the concentration of SMEs, with 364.6% per 10,000 population in 2013 (Centre for Cities Small Business Monitor 2014). It is also ranked 2nd for th enumber of businesses per 10,000 population (Centre for Cities).
