IFSD has delivered 15,000 jobs

03 Mar 2009

Glasgow's International Financial Services District (IFSD) remains on course to achieve all of its targets by 2011, according to the results of an independent economic study.

The study, by economic consultants, EKOS Limited, confirms that, since its launch in 2001, the net number of new jobs located in the IFSD is 15,150.

And, in another sign of the economic regeneration of the area, the study confirms that 1.25 million sq ft of new Grade A offices has been completed in the IFSD since 2001,  with a further 823,000 sq ft of Grade A space currently under construction, due for completion by the end of 2009.

 Figures compiled separately by Scottish Enterprise and Glasgow City Council, the main public sector partners behind the IFSD, confirm that the IFSD has attracted just over one billion pounds of investment in the past seven and a half years, making it one of the largest economic regeneration projects in the UK.

Both partners have acknowledged that, while the market is currently very difficult, they have no intention of changing the IFSD's ambitious targets to attract 20,000 new jobs and develop two million sq ft of Grade A office space by 2011. The partners believe that those developments already underway and in the pipeline will maintain forward momentum and while it could take slightly longer than anticipated, they remain committed to a range of initiatives that will achieve the IFSD's original objectives.

Jim Watson, Senior Director, Financial Services, Scottish Enterprise, commented, "The IFSD is not dependant on one or two areas of the financial services industry. It has attracted a wide cross- section of financial industries and functions and many of these, such as general insurance, are less cyclical and better placed to withstand the current situation.

"Many of the major financial institutions are taking the opportunity to review their operations in the UK. The outcome is often consolidation of operating centres or possibly outsourcing. With its skilled labour pool and competitively priced operating costs, Glasgow is well placed to benefit from this trend."

Councillor Steven Purcell, the Leader of Glasgow City Council, said, "It would be difficult to argue that Glasgow will remain immune to the difficulties being faced globally in the financial services sector but equally, we believe it is reasonable to say that Glasgow is well placed to withstand the rigours of the current economic circumstances.  In addition, the city is in a strong position to benefit from the eventual upturn in the sector's fortunes given the broad spread of financial services provided in Glasgow.  It is also important to stress that the IFSD is a long term project and the commitment is there to see it through and realise the aspirations set out in 2001."

As part of the new employment figures, the EKOS study also identified 31 leisure and retail companies which have moved in to the IFSD, creating 1,030 new jobs. This, together with the completion of almost 700 new residential units and the development of nearly 1000 new hotel bed spaces since 2001, reflects  the District's aim to become more than an 'office district' by creating  a 24/7 community.

  • IFSD on the Broomielaw

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