Plymouth’s fortunes have always been linked to the sea. Although its maritime economy has declined over the last few decades, recent political decisions could see this sector grow once again and in turn boost the property market. In this report we will look at what could happen, as well as the latest projects to regenerate the city centre.
Plymouth is the second largest city in the southwest region with an economy worth £7bn. It has a population of 270,000, a figure which is forecast to rise to 300,000 within a decade. Plymouth City Council has a proposal to further expand the city out into 13 parishes of the adjacent South Hams area. A Government decision on whether to approve a new Greater Plymouth authority is imminent.
Devonport is one of Europe’s largest naval bases and consists of HMNB Devonport, operated by the Royal Navy, and Devonport Royal Dockyard which is operated by civilian contractor Babcock International Group. Together they are an operational and maintenance base for surface ships and submarines. Employment at the site has declined from about 15,000 in the 1980s to around 5,000 today but it is still the area’s largest single employer and also supports around 400 local businesses.
Plymouth could be a major beneficiary of increased spending on defence over the next few years. In 2025 the Government announced a Strategic Defence Review. This proposed that £4.4bn will be invested at Devonport over the long term in order to support upcoming new ships and submarines which will be in service until 2070 or thereabouts. Initial estimates suggest this investment could create around 7,500 new jobs in the area, including a substantial number of apprenticeships for young people, plus 2,000 in the construction phase.
Although there is currently a degree of political and financial uncertainty, the latest Defence Investment Plan announced at the end of June, seems to suggest major investment in Plymouth is still part of the plan.
Plymouth was also designated as the new National Centre for Marine Autonomy last year. The NCMA aims to lead, coordinate, and enable the development of the UK’s existing, emerging capability in marine autonomy.
