The latest UK Powerhouse study says the city’s economy was the best-performing of any UK hub in the first quarter of 2017, meaning it has overtaken Milton Keynes as the fastest growing city in the country.
The survey, which is produced with the help of the Centre for Economics and Business Research (Cebr), provides a quarterly estimate of gross value added (GVA), or the value of goods and services produced, and job creation within 45 UK cities.
City of innovation?
The report also reveals more patents are published in Cambridge than in any other city. What’s more 80% of start-ups are still in business after three years.
While the economy as a whole slowed, Cambridge companies were busy adding over £9 billion to the UK output in the first three months of the year, representing year-on-year growth of 2.9%. This puts the city ahead of Milton Keynes (2.8%) and third place Oxford (2.5%).