Coastal West Sussex is already home to hundreds of globally competitive businesses, which provides a strong foundation for growth.
There are over 18,700 businesses in Coastal West Sussex; over 900 more than there were in 2010.
Growth has been driven by the private sector; in 2014, there were over 13,000 more people working in the private sector than there had been in 2009. Many of the new businesses are in high value added sectors of the economy.
Gross Value Added (GVA)
The Coastal West Sussex economy measured in terms of Gross Value Added (GVA) is worth £9bn and it has an average output of £21,092 per working age population.
Chichester accounts for around a third of the value of the Coastal West Sussex economy due in part to its highly skilled population – nearly one in four of its working age population hold a degree – the quality of jobs and high levels of out-commuting to London and other parts of the south-east.
Our economy is recognised as supporting a diverse business base across a wide range of sector activities with strong prospects to generate high levels of growth in the future particularly in Advanced Engineering, Connected Digital and the Professional and Financial Services sectors.
There have been increases in the number of businesses across many sectors, with management consultancy (up 35% between 2010-2014), the professional, scientific and technical sector (also increased by 35%) and architectural and engineering (which saw a 27% increase) among the most advancing.
“The Coastal West Sussex region is a thriving place for businesses to start, develop and grow,” Caroline Wood, Director of the Coastal West Sussex Partnership explains. “This is not only down to our easy to access location and lower business rents than London, but because the area also offers plenty of fantastic amenities to attract and retain residents to live here too.”