Plymouth rated one of UK’s best places to live, work and invest 

Britain’s Ocean City is riding high in the ratings as one of the UK’s most desirable destinations to live, work and do business. 

Plymouth not only topped 2023’s list of most improved UK cities in the Good Growth Index, but its quality-of-life ranking is also second only to the Scottish capital, Edinburgh. 

And earlier this year the South West’s maritime gem was revealed as one of the world’s most underrated places and a top rising star in the UK hotel sector. 

As an attractive prospect for professionals looking to relocate, relax and invest it’s the whole package, according to  Chair of Plymouth Growth Board and Destination Plymouth Richard Stevens. 

“Those of us who live here know Plymouth is a vibrant and amazing city with a very proud historic past and a dazzling array of new opportunities across our maritime and tourism sectors,” she said. “It’s great to see the city’s achievements and prospects for the future being endorsed and commended on so many levels”. 

“We’re working hard to create an environment that fosters exceptional business opportunities as well as providing an attractive place to live, work whilst enjoying all the spectacular surroundings that this coastal community has to offer – from a glorious legacy of maritime heritage to innovative, world-leading business and cultural hubs and outstanding leisure activities.”   

In the Demos-PwC Good Growth for Cities Index, Plymouth, which was the lowest-ranked city in the South West last year, was identified as the fastest-improving city in this year’s report, largely due to its performance on income distribution, work-life balance and commuting times.  

Tom Ayerst, PwC’s Market Senior Partner for the South West, said: I’m very pleased to see the strength of the South West’s performance in this year’s Index; we have some of the UK’s safest and healthiest cities, with good availability of skills and robust transport infrastructure.” 

Meanwhile, the first Totaljobs Quality of Living Index put Plymouth as one of the best places to find the greatest work-life balance, just behind Edinburgh. The index is designed to help employers showcase the best their area has to offer and to attract a fresh pool of talent open to relocating. 

Perhaps it’s not surprising the city is proving so popular – it has a wealth of opportunities for workers and investors looking for pastures new. 

• Plymouth and South Devon Freeport is already being recognised as a leader in innovation and its Innovation Hotbed will build on the area’s state-of-the-art marine assets and facilities, aiming to become a centre of excellence for the testing, development and manufacturing of the latest marine technologies.  
• The Marine Biological Association’s newly-launched, world-class research hub the Marine Microbiome Centre of Excellence,  is focusing on the vast and diverse microscopic world of the ocean to help understand ocean health and the impacts of climate change.  
• Plymouth Sound’s National Marine Park, the UK’s first and only marine park, is helping to develop new green marine employment opportunities, encouraging people to protect the ocean and piloting projects to tackle challenges such as climate change.  
• The University of Plymouth is one of the leading voices in clean maritime research and innovation. In addition to world-class education and research opportunities, the University of Plymouth is a lifestyle choice for many students. 

They discover the joys of what Time Out magazine described as ‘One of the World’s 14 Most Underrated Travel Destinations’, pitching Plymouth alongside overlooked spots such as Mongolia, Gippsland in Australia and Burlington, Vermont. 

Britain’s Ocean City’s hotel sector has also come out ahead of destinations including Glasgow and Oxford in the top five rising markets identified by Colliers UK Hotel Market Index. It was ranked second in both that category and in the ratings for the highest occupancy rates in 2022 – boasting 79.7%.  

In addition, Plymouth was joint third in the Development/RevPAR Index which lists the best markets regarding hotel performance in relation to development cost. This follows a Colliers International prediction three years ago that positioned Plymouth as the hotel market set to bounce back quickest after the easing of Covid-19 lockdown restrictions. 

Marc Finney, head of Hotels & Resorts Consulting at Colliers said: “For some years now Plymouth has enjoyed significant demand growth, without a commensurate increase in supply. This market imbalance is likely to continue until new quality stock can be opened. While there are new projects and openings in the pipeline which will be welcome new additions, it is unlikely that those projects underway will be sufficient in themselves and there’s opportunity for further investment in the market.”  

Richard Stevens, concludes: “It could be argued there has never been a better time to relocate, visit or invest in this vibrant city.” 

For more details about the city, please visit: https://www.visitplymouth.co.uk