Local Economic Assessment Stockton Renaissance 060710 Derek Lincoln

Contents • • • 2 Background Challenges and Best Practice Consultation and Engagement Progress

Background • Local Democracy, Economic Development and Construction Act 2009 • First Assessment to

Core Evidence Economy Industry, Earnings, Business Creation, Skill Needs Society Population, Worklessness, Skill Levels

Challenges and Best Practice Challenges • New piece of work • Linking data to

Consultation and Engagement • Public Sector – Council Members – Strategic Partners – Mandatory

Key Factor - Society The retirement population is projected to increase whilst the working

Key Factor - Economy The stock of businesses in the borough is well below

Key Factor - Environment Despite a wide selection of housing types within the borough,

Discussion Society • What is the impact on the economy of high levels of

Slides: 11

Download presentation

Local Economic Assessment Stockton Renaissance 06/07/10 Derek Lincoln Funding and Strategy Officer

Contents • • • 2 Background Challenges and Best Practice Consultation and Engagement Progress to Date Key Factors Discussion

Background • Local Democracy, Economic Development and Construction Act 2009 • First Assessment to be completed during 2010 • Statistical baseline for future economic development • Link economic development with spatial planning 3

Geographic Scope 4

Core Evidence Economy Industry, Earnings, Business Creation, Skill Needs Society Population, Worklessness, Skill Levels 5 Environment Housing, Economic Assets, Conectivity

Challenges and Best Practice Challenges • New piece of work • Linking data to strategy • Setting the scope for information to be used • Impact of the recession Best Practice • Work with sub regional partners • Work with CLES • Use of existing data • Dedicated core team 6

Consultation and Engagement • Public Sector – Council Members – Strategic Partners – Mandatory Consultees • Private Sector – Local Business and Developers – Business Networks and Representative Groups • Third Sector – Umbrella Organisations – Community Groups and Social Enterprise 7

Key Factor - Society The retirement population is projected to increase whilst the working age population falls 8

Key Factor - Economy The stock of businesses in the borough is well below the national average with an additional 2500 new businesses needed in the borough to meet the national average. 9

Key Factor - Environment Despite a wide selection of housing types within the borough, much is of low quality and in deprived areas. Where housing market renewal has taken place the economic profile of the area has improved. 10

Discussion Society • What is the impact on the economy of high levels of worklessness and youth unemployment? Economy • What are the strengths within the business community that can provide an opportunity for growth? Environment • What impact does our natural and built environment have on our economy? 11