Firm Migration onepager

RESEARCH REPORT

The Impact of Firm Migration on the City of London KEY FINDINGS

Net firm migration has brought in 200 more firms and 13,500 more jobs to the City in 2012 than there were 2008

4% of London’s firms are based in the City, but they provide 8% of employment and 16% of GVA for the capital

Inward migration has contributed to a 23% increase in the number of TMT firms in the City from 2003 to 2012 City of London Economic Development PO Box 270, Guildhall, London, EC2P 2EJ www.cityoflondon.gov.uk/researchpublications Twitter.com/@CoLresearch

The City is home to 17,750 businesses employing 365,500 people and contributing ÂŁ38.5 billion to the UK economy

there were three and a half times as many firms in serviced premises in 2012 than in 2003, employing two and a half times as many people.

Report prepared for the City of London by TBR

RESEARCH REPORT

PUBLISHED JANUARY 2014

The Impact of Firm Migration on the City of London Business migration is a crucial part of the City’s

This diversification is supported by the growing

changing face, and has a major and positive

business clusters overlapping the City’s borders

economic impact on the City: since 2008, net firm

and those in its neighbouring boroughs providing

migration has brought in over 200 firms, created

complementary and support services.

13,500 jobs, and generated £3.5 billion in output.

This churn of businesses demonstrates an evolving

Serviced premises have grown in popularity with

and dynamic business environment.

three and a half times as many firms operating from serviced offices in 2012 than in 2003. Serviced offices

The City’s productivity and efficiency has increased

provide accommodation that is flexible and can

since the financial crisis, with 2,300 fewer firms and

meet changing demand, particularly responsive to

5,000 fewer jobs over the 2008 to 2012 period, but

the needs of young firms and SMEs.

employees yielding greater overall productivity with a gain in output of almost £2.7 billion.

Although financial services and insurance remain the dominant business clusters in the City, providing nearly 40% of employment, the period since 2003 has seen growth and diversification, with technology, media & telecoms (TMT) and professional services becoming an ever more important part of the City’s business ecology.

Key findings overleaf >> Full report available online www.cityoflondon.gov.uk/researchpublications