Throughout the last decade, Liverpool has showcased its importance to the UK economy through use of innovation, economic growth, and residential support. But which projects have cemented the region as an innovation powerhouse?
The regeneration project aims to regenerate 568 acres of the city’s docklands and waterfront by introducing low carbon homes, 116,000 sq m of office space, bars, restaurants, and a new public park. This is predicted to attract 7.2 million people to the city centre and boost the economy through gaining new residents and business opportunities. The scale alone has made this project one of the largest of its kind in Europe.
Liverpool One is a major attraction for visitors spending the day in the city region and has recently introduced Flannels as a mainstay amongst its collection of brands. Already, the shopping centre has contributed towards the £5bn-a-year visitor economy, however, its contributions are expected to grow even more as a recent investment saw the likes of Gravity Active Entertainment signing a 15-year lease for 100,000 sq ft of its property.
Everton Football Club:
The new stadium, designed to emulate the surrounding docks, is planned to increase tourism, resulting in a boost to reigonal economic growth and resulting in a better lifestyle for residents as the profits will be reinvested.
Plans for the stadium don’t stop there however, as during the off season, the stadium is set to be used for festivals, concerts and more: “What do you do with it for the 340 days when you’re not using it? Clubs are now tapping into stadiums to make them multi-use venues. The football is still front and centre, but this generates extra revenue.”
Announced early 2022, Liverpool City Region have chosen to reinvest 5% of its economy into research and development by 2030. The plan would double the UK government’s annual target, estimating a gain of £47.1bn to the local economy by focusing on three industry leading sectors: materials chemistry, infection control and AI solutions. This is also expected to create 44,000 jobs, once again lending to Liverpool’s reputation of an innovation powerhouse.
The importance of Liverpool’s innovation is that the results benefit several key areas that lead to even more regional growth: technological advancement, business growth, residential demand, property growth etc.
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