A10/M11 Growth Area Overview of economic characteristics and issues - - PowerPoint PPT Presentation

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Jan 01, 2024 414 likes •678 views

A10/M11 Growth Area Overview of economic characteristics and issues Tony Jackson, Executive Member, East Herts District Council and LEP Board Member ACTUAL AND FORECAST ECONOMIC GROWTH (value of GVA in millions) Broxbourne East

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A10/M11 Growth Area

Overview of economic characteristics and issues Tony Jackson, Executive Member, East Herts District Council and LEP Board Member

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1,000 2,000 3,000 4,000 5,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Broxbourne East Hertfordshire Broxbourne Forecast East Hertfordshire Forecast

ACTUAL AND FORECAST ECONOMIC GROWTH (value of GVA in £millions)

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WHERE THE BUSINESSES ARE (Business density – businesses per km2)

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5.0 7.5 10.0 12.5 15.0 17.5 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 England East Hertfordshire Broxbourne

BUSINESS START- UP RATES (start-ups as a share of the business population)

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GROWING POPULATION, HIGH RATES PARTICIPATION

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GROWTH INDUSTRIES

Professional, Scientific and Technical

(+6,200 jobs 2009-2013)

Business Administration and Support

Services (+2,500 jobs 2009-2013)

Health (+1,100 jobs 2009-2013)

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30.3 21.5 36.2 34.9 29.8 19.0 19.9 18.5 17.4 17.1 12.6 16.3 10.1 11.0 14.8

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0

A10 M11 Growth Area Broxbourne East Hertfordshire Hertfordshire England

Level 4+ Level 2+ No qualifications

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STRENGTHS

Strong rates of economic growth
Strong population and workforce growth
High rates of entrepreneurship
Significant presence of, and growth in, knowledge-

based jobs

High rates of economic participation and low rates of

unemployment

High qualification rates and high share of jobs that

are highly skilled

Good transport links

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CHALLENGES

High growth rates in Broxbourne vs. low rates in East

Hertfordshire

Lower skilled workforce in Broxbourne compared to

average

Lack of large urban settlements and large corporate

presence

Net exporter of skills who work in London and

surrounding local economies

Micro-businesses are often less able to plan and invest

in growth

Strong rural character of much of area outside of

main towns

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Hertfordshire LEP Progress and Priorities

Neil Hayes LEP Executive Director

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Hertfordshire LEP Board

2 SME members 5 Corporate members 1 Not for Profit 2 HE/FE 4 Local Authority Members

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How it all fits together

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Review of 2014/15

Published our Strategic Economic Plan
Secured £199m from the first round of Growth Deals and

a further £22.3m from Round 2 (plus £19.6m of discounted borrowing)

Agreed £60m EU Funding programme for 2015-20
Established the Hertfordshire Growth Hub following a

£350k funding commitment from Government

Supported the A1m consortium helping to secure £50m
Supported the Cell Therapy Manufacturing Catapult at

Stevenage Bioscience Catalyst, securing £55m investment

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Help set the LEP’s future priorities across the A10/M11

corridor. Topics for discussion:
Business Growth
Employment and Skills
Infrastructure
Priority Places

Table discussion and voting – 10 mins per topic

Table Discussions

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a) Expanding our business start up/growth support package b) Developing more business incubation facilities c) Attracting Inward Investment and Tourism d) Providing tailored support for rural firms e) Establishing dedicated finance schemes for SMEs

Business Growth

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a) Increasing take up of Apprenticeships (particularly STEM skills) b) Increasing number of SMEs who provide training or development of staff c) Business involvement in enterprise and employability activities within schools/colleges d) Influence FE & training providers to deliver more demand- led training e) Supporting vulnerable groups into employment

Employment and Skills

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a) Lobbying for transport investment b) Improving broadband capacity c) Supporting the development of future employment sites d) Developing new infrastructure funding models e) Accelerating delivery of housing sites

Infrastructure

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a) Bishop’s Stortford/Stansted b) Hertford/Ware c) Harlow/Gilston d) Broxbourne/Cheshunt e) Rural areas

Priority Places

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Task and Finish Groups
Future Forum events
Growth Deal 3
EU Skills and business support funding

Looking Ahead