Download the full 3 year report here
Tomorrow, we celebrate the third anniversary of Tech City with a visit from the Prime Minister as he welcomes independent findings from the Tech City UK report which highlight how London tech companies are contributing to economic growth, inward investment and high value jobs across the country. An advance copy of the report is shared with you below.
Since 2010 the government have introduced an unrivalled package of policies and support programmes to support businesses at every stage and to drive economic growth and create jobs across a range of sectors.
Over the past three years, the London economy has diversified. Once substantially reliant on the financial services, we now have another strong sector in technology and digital.
The Tech/Digital sector has been a major beneficiary of government programmes to support growth, entrepreneurship and innovation. Economic highlights include:
- Between 2009 and 2012 the number of tech/digital companies in London increased 76% growing from 49,969 to 88,215.
- 27% of all job growth in London comes from the tech/digital sector, with approximately 582,000 people now employed by the tech/digital sector in London.
- Between 2009 and 2012, jobs in the tech/digital sector in London grew by 16.6% against an overall growth rate of 0.3% in the UK.
- Major tech and digital companies have been brought into Tech City in the last three years from global markets including the US, Europe and Asia. In recent weeks US firm Box and social game developer Rekoo have located in London, joining the raft of leading tech companies – among them Facebook, Google, Twitter, Amazon, Cisco, Intel, Microsoft, FourSquare and Pinterest – already based in the capital.
Tech City is a living example of what happens when you combine the right people and the right policies with a passion for innovation. As a result we’re already attracting the world’s best entrepreneurs and innovators to the UK and the announcements tomorrow are a testament to that.
I strongly believe that innovative technology businesses such as these hold the key to our future prosperity. If these businesses can keep growing at the rate they have done over the last three years, and if we continue in this way to provide the right support from business and Government, we can create an unrivalled digital economy.
We’ve come a long way in three years – but this is just the beginning. We’ve proven that we can accomplish great things when we set our minds to it. Now our challenge is to build on that foundation and ensure that the next generation of entrepreneurs and their investors see the UK as the best place in the world to imagine, start and grow a business.