FORGET the recession – Oxfordshire is riding on the crest of a £1bn development boom as it continues to buck the trend towards a brighter future.

Business leaders, property experts and council bosses are united in the belief that the county economy is now thriving, boosted by recent announcements including the new Westgate Centre in Oxford; the multi-million pound redevelopment of the Seacourt retail park in Botley and ongoing high-value projects in every district from Banbury to Didcot.

Research by the Oxford Mail has identified 24 key sites which are either in the pipeline for the near future or have created thousands of jobs for their immediate areas.

It indicates that while the recession may have slowed growth at its height, the recovery is now well and truly under way.

Latest figures suggest the Oxfordshire economy is worth almost £15bn, with £4.7bn being generated in Oxford alone.

David Williams, director of Tackley-based commercial property agents Meeson Williams, said: “We see all these reports that retail occupation is down and yet in this county we see all this investment happening which is very good news. For example, the Westgate is just the catalyst that Oxford really needed.

“On the commercial side there is speculative development taking place at Milton Park.

“Take-up of accommodation did fall between 2009 and 2012 but it has now risen again and demand is exceeding supply. We have had a significant number of requirements for large spaces in both the office and industrial sector.

“Oxfordshire is a special case – confidence has returned.”

Bicester has seen the largest number of developments from the proposed extension of the Bicester Village designer outlet centre to the imminent construction of the 5,000 home eco town.

Ben Jackson, acting chairman of the Bicester Chamber of Commerce, said: “We have not had the negative impact suffered by the rest of the country and a lot of that is down to location. We are central and do not have the geographical constraints. Communications, particularly in north Oxfordshire, are relatively good with the M40 and two railway lines which are going to be improved, for example with the electrification of the East-West rail link.”

Business leaders also pointed to the establishment of the Local Enterprise Partnership as a unifying force for Oxfordshire business, allowing greater collaboration and promotional possibilities for county firms as well as acting as a conduit for Government backing for specialist hi-tech areas such as Harwell and Culham.