Portsmouth is a port city on the South coast of Hampshire, renowned for its maritime history, including the historic dockyard and the HMS Victory. It is also famous as the birthplace of Charles Dickens. The city’s economy thrives in aerospace and defence, marine, creative industries and advanced engineering sectors. It is also a tourist hotspot with popular attractions such as the Spinnaker Tower.
Economic Vibrancy
Portsmouth has a population of approximately 208,400 people (2022) with a GVA per head of £25,236 [1]. The city is known for its marine, aerospace, defence, advanced manufacturing, and creative and digital industries. The creative industries have seen significant growth in recent years, making Portsmouth one of the most attractive places for starting, growing, or relocating a business.
The Solent is recognised as the UK’s leading marine and maritime hub, housing world-renowned research institutions and sector-leading businesses. The city also benefits from an advanced manufacturing and engineering business cluster group.[2]
Strategic Infrastructure Investment
Travelling from Portsmouth to London by train takes 102 minutes. The city has excellent road connections, with London just 90 minutes away via the A3(M), and the M27/A27 links Portsmouth to the rest of the UK.
Portsmouth International Port is a major UK port, handling millions of customers and vital cargo globally. Passenger destinations includes France, Spain, and the Channel Islands.
The city is undergoing a major transformation, with over £2 billion being invested in infrastructure, amenities, and new commercial developments. Key developments include a £90 million port upgrade that will double the number of jobs and improve ferry and cruise ship facilities over the next 20 years. Portsmouth is also creating new coastal defenses to improve its seafront while preserving its unique heritage. The £140 million Southsea Coastal Scheme is the largest seafront coastal defence project in the UK. Other regeneration projects include the Gunwharf Quays.
Education and Innovation
The University of Portsmouth is a major educational institution in the city. Dubbed as a young university on the rise. It is renowned for courses in business, tech and science. Due to the university and colleges, the city has a higher proportion of young people aged 20-24 than the average for England.
Championing Sustainability
Portsmouth City Council is set to invest over £26m in a new shore power system to help the authority become carbon neutral by 2030. [3]
The SEA CHANGE (Sustainable Energy and Air Quality Improvement for Coastal Harbours to Achieve Net-zero with Grid Enhancements) project will build and operate a new shore power system at the Portsmouth International Port. Brittany Ferries’ vessels and visiting cruise ships will be able to plug in and switch off their engines while at berth.
Innovation Hub for Entrepreneurs
Portsmouth is home to an exciting creative quarter where the city’s historic fortifications have been transformed into thirteen working studios, Hotwalls Studios. This studio brings artists and designer-makers together. Additionally, the former cell block at the Portsmouth Historic Dockyard has been converted into start-up space for small creative businesses.
Support for Local Businesses
Eat the island is Portsmouth City Council economic development team’s initiative to support Portsmouth’s food and drink businesses. They organise networking as well as the Southsea Food Festival.
Hampshire Chamber of Commerce has a range of memberships which offers different packages tailored to each stage of your business journey.
Shaping Portsmouth’s goal is to grow the Portsmouth economy. Their business support service helps businesses to grow and thrive. They offer a wide range of services from mentoring on business and finance planning to digital marketing and access to funding, data, and training.
Solent Growth Hub provides support programmes focused on growth and productivity, to businesses based in Portsmouth, Southampton and the Isle of Wight. They are funded by the Department for Business and Trade.
Startup Disruptors is a social impact incubator and accelerator based in Portsmouth. They support minority founders and have helped over 5,000 people start businesses since 2016.
Portsmouth City Council offers initiatives to support startups, including flexible office spaces and assistance with local business regulations. For example, the Outset Start and Grow program provides grants and support for early-stage businesses.
Success Stories
Toob‘s full-fibre network began in 2017 with a simple idea – everyone should be able to access high-speed internet. They are currently provide to the South of England.
Tangle has a clear mission. To stop ghost nets (lost, abandoned or dumped in the ocean fishing nets) which are harmful to ocean life. Tangle recycle old fishing nets and transform them into durable and waterproof dog leads.
LMSUK is an award-winning social media agency specifically for musicians. LMSUK specialises in connecting musicians with their audiences, driving listener engagement, and fostering social media growth for the next generation of full-time artists.
Why Choose Portsmouth?
Portsmouth was once named the UK’s most entrepreneurial city in 2020 (Instant Offices). During 2019 and 2020, the number of new businesses launched in Portsmouth grew by 33%! It’s also been crowned as the UK’s second coolest city to live according to Nomads Nation (2023). It is well regarded as the global centre for marine, technology, aerospace, defence and advanced manufacturing and engineering.
References:
[2] https://investportsmouth.co.uk/industry-and-sectors/
[3] https://www.room151.co.uk/treasury/portsmouth-to-invest-26m-in-shore-power/
