REPORTS on the comparative economic performance of cities are now so numerous it seems hardly a day passes without one being published.
My attention was drawn last week to such a report by credit company TotallyMoney, which named Glasgow as the best city in the UK for millennials to live.
Average weekly wages, graduate recruitment, business start-up rates and the local cost of living all featured in the criteria alongside softer features such as the variety of a night’s entertainment.
This was a relatively standard approach combining a basket of measures into an overall ranking with some subjective weighting assumptions. Nevertheless, it did capture the essence of a distinctive advantage that Glasgow is increasingly exploiting in attracting fresh business investment. Scotland’s biggest city is winning in the battle for young talent.
Results from our own evidence back up the TotallyMoney study. Of the larger cities in the UK, Glasgow graduates get the highest salaries outside London according to the Centre for Cities, while the average wage gap with the capital still makes Glasgow cost effective for companies sizing up locations.
The impact of those salaries is magnified by the relatively lower cost of housing. Demographia’s International Housing Affordability Survey shows Glasgow has the most affordable major housing market in the UK.
The consequence is a net annual gain in the city’s graduate workforce as successful students choose to stay in Glasgow after finishing their degrees, with 2,000 more graduates added each year. Of the working population in Glasgow, 46 per cent have at least degree level skills - well above the national average of 38% and higher than Manchester, Birmingham and Liverpool. This puts Glasgow into the top 10% of regions in Europe.
A virtuous circle is being established. When Barclays chose to develop one of its three global campuses for technology and operations support in Glasgow the supply of talent was crucial. The job options in turn obviously make it easier for graduates to decide to stay.
But the TotallyMoney report also emphasises quality of life. So when the Chamber supports new housing in the city centre or the economic importance of the night time economy we know these are increasingly vital tools in helping grow the city’s talent pool.
Developing and holding on to that talent is the top priority and if that means more flats, more music, more art and more sport so much the better for us all.
Stuart Patrick is the chief executive of Glasgow Chamber of Commerce
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