IFSD Reports Ten Year Jobs Boom
Published by Anne Marie Hughes on Sat 09 Jun 12 @ 22:11
More good news from the International Financial Services district this week which reported it has attracted 15,500 jobs over the past ten years.
The jobs figure is one of a number of key statistics published in an economic study, commissioned by Scottish Enterprise, to coincide with the District's tenth anniversary
On the list of companies creating jobs in the IFSD over the past ten years are some of the biggest names in global finance including Morgan Stanley, JP Morgan, Barclays Wealth, BNP Paribas, HSBC, esure and Aon.
The new study, undertaken by EKOS, also confirmed that, over ten years, since the IFSD's launch in 2001, 2.75 million sq ft of new or significantly upgraded Grade A office space has been created in the IFSD, along with 1,600 hotel rooms, 700 residential apartments and 100,000 sq ft of retail and leisure floorspace.
Glasgow's IFSD has been driven by a strong partnership between the public and private sectors, generating over one billion pounds investment in the District since its launch. The public sector partners, led by Scottish Enterprise and Glasgow City Council, have forged strong links and co-ordinated effectively with property developers and investors, technology providers, the education and training sectors and financial companies, to deliver a purpose built centre of excellence.
Although the study identified 3,900 jobs lost in the District, this was more than made up for by new jobs moving in.
The current net new jobs figure of 15,500 compares favourably with the 15,150 net new jobs recorded in a previous 2008 study, confirming that the IFSD has held its own during the period of the credit crunch.
The IFSD's success was underlined recently by the latest Global Financial Centres Index, which covers financial centres around the world. Glasgow moved 13 places up the global ranking from 46th to 33rd place and it entered the top ten in Europe for the first time, ahead of competitor cities such as Amsterdam, Oslo, Vienna, Brussels, Madrid and Milan.
Stuart Patrick, Chief Executive of Glasgow Chamber of Commerce said "The IFSD is a great example of all sectors in the city working together to further job creation. The financial services industry in Glasgow is thriving, highlighted this week by esure's plans to create a further 150 jobs.
"The city is perfectly equipped for this boom to continue, with a whole profile of major businesses operating within our boundaries, not to mention the wealth of Grade-A office which is constantly in development to meet demand. All of this combined with the region's enhanced connectivity places Glasgow as one of the top destinations for any business involved with the financial services industry".