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 Hertfordshire Broxbourne Forecast East Hertfordshire Forecast 5,000 4,000 3,000 2,000 1,000 0 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
WHERE THE BUSINESSES ARE (Business density – businesses per km2)
BUSINESS START- UP RATES (start-ups as a share of the business population) England East Hertfordshire Broxbourne 17.5 15.0 12.5 10.0 7.5 5.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
GROWING POPULATION, HIGH RATES PARTICIPATION
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)
Level 4+ Level 2+ No qualifications 40.0 36.2 34.9 35.0 30.3 29.8 30.0 25.0 21.5 19.9 19.0 18.5 20.0 17.4 17.1 16.3 14.8 15.0 12.6 11.0 10.1 10.0 5.0 0.0 England Hertfordshire East Hertfordshire Broxbourne A10 M11 Growth Area
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
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
Hertfordshire LEP Progress and Priorities Neil Hayes LEP Executive Director
Hertfordshire LEP Board 5 Corporate members 4 Local Authority Members 2 HE/FE 2 SME members 1 Not for Profit
How it all fits together
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
Table Discussions 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
Business Growth 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
Employment and Skills 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
Infrastructure 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
Priority Places a) Bishop’s Stortford/Stansted b) Hertford/Ware c) Harlow/Gilston d) Broxbourne/Cheshunt e) Rural areas
Looking Ahead • Task and Finish Groups • Future Forum events • Growth Deal 3 • EU Skills and business support funding
Get Involved and Next Steps • Comment Card • Speak to the Team and Board • All presentations can be found at: http://www.hertfordshirelep.com/growth-area-forum.aspx Thank you
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