Croydon’s growth is 3.7% above the London average and more than double the average for the UK as a whole. It is also largely responsible for the southern part of outer London having the highest rate of regional economic growth in the country, at 7.4%.
The Office for National Statistics’ ‘gross value added’ (GVA) calculations are the measure of how much money is generated through all goods produced and services delivered in an area. They include everything from brewing beer and doing accounts to coding computer games and building new houses.
Croydon’s economic expansion has been principally driven by the large number of property investment deals that have seen the centre of the town transformed into a reinvigorated hub for a wide range of commercial service industries. The local technology base is swelling rapidly, with both start-ups and established firms creating a new ‘tech-city’ in the heart of the south east.
Councillor Toni Letts, cabinet member for economy and jobs, said: “Experts on entrepreneurialism have identified that the most successful places around the world are those that are vibrant, multi-cultural and accepting of differences, and that’s what enables them to attract talented business people. This perfectly describes Croydon’s burgeoning business community, and it’s fantastic that the council’s ambitions for continued economic growth are backed up by these figures.”