Central South region has huge potential if its capacity for growth is unlocked says research paper

A new research paper looking at how the Central South region’s capacity for growth can be unlocked has been published by Savills.

More than 100 people attended a client event at Southampton City Art Gallery to mark the launch.

According to the research, Southampton, Portsmouth and Bournemouth, Christchurch and Poole (BCP) are the economic engines of the Central South with the region well-placed to realise its potential and deliver growth.

The paper questions the catalysts to achieving large-scale growth and innovation in the region and looks at the barriers and constraints which it needs to overcome.

The Central South has a population of nearly 950,000 people and around 495,000 jobs.

But the similar sized urban centres have often competed with each other rather than complementing one another.

And, says the paper, the lack of a clearly defined geographical area, straddling both the South East and South West regions, has been a further blocker to the collective promotion of the region.

According to Savills, in recent years there has been a more concerted effort, by businesses and politicians alike, to promote the collective benefits of the region.

Despite its advantages, the Central South has numerous physical, land and planning constraints and therefore currently under delivers.

However, it has the opportunity to realise its potential and growth ambitions as a region, says the paper.

The research document also looks at turning the ‘brain drain’ into ‘brain gain’.

It points out that attracting and retaining the best talent is central to creating innovation-led growth in the Central South.

There is a combined total student population of 83,000 and six major universities in the region with Southampton, Portsmouth and BCP making a huge contribution to both the cultural offer and knowledge-based sectors across the area.

They also have a diverse workforce in terms of skills and qualifications, compared with the national average.

But only 19 per cent, equal to 4,200 graduates, end up staying on for work where they studied.

High value sectors, such as professional, scientific & technology; information & communication and ‘financial & insurance – considered central to innovation-led growth – are all under-represented by graduates, relative to the national average.

The paper says it is likely the lack of employment opportunities are driving graduates away in search of work elsewhere.

Across the three core high-value sectors, around 1,550 graduates are employed in either Southampton, Portsmouth or BCP each year.

However, 4,900 graduates from the same places, move away and take up jobs elsewhere in the same high-value industries.

The research paper also covers the Solent Freeport and housing and infrastructure.

It points out that better planning for employment and improvements to infrastructure, facilitating greater connectivity across the Central South, will support existing businesses but also attract new commercial occupiers and inward investment.

Meanwhile, building more homes in the right places, across a range of price points and a diverse range of tenures, is key to unlocking growth and supporting the retention of a highly skilled workforce for the long term.

Colin Wilkins, Development Director at Savills Southampton, said: “Looking ahead, education is undoubtedly a ticket to economic growth, but keeping graduates here is the fundamental challenge.

“London will always be a draw for many but the Central South region already excels in sectors such as human health and the marine sector, while having growth ambitions in other high-value industries such as professional, scientific and tech, which should help turn the ‘brain drain’ into a ‘brain gain’ for the region.”

Gavin Hall, Planning Director at Savills Southampton, said: “With a well-educated workforce, freeport status and excellent national and international transport links, not to mention an attractive coastal offer, the Central South region is well placed to deliver growth.

“More housing in the right places is key to supporting this, with public transport and infrastructure improvements also having a key role to play in order to make more jobs accessible to more people and to unlock more sites with capacity to deliver housing.”

Gavin sits on the Central South All Party Parliamentary Group and will be tackling all these aspects over the course of this year, alongside key Central South partners.

A delegation of over 45 partners across the Central South will be promoting the region at MIPIM, the leading global international property showcase, in Cannes, France, this month.

• https://www.savills.co.uk/

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