Plymouth’s local economy strategy is to get a refresh to provide the city with a clear direction and ambition for growth.
The Council is working on a refresh which will incorporate four key themes so that the city can play to its existing strengths as well as develop new areas of innovation and expertise. They are:
- Productive and High Value Jobs – through supporting our higher value sectors, we will look to increase wages, create more highly productive jobs and attract new businesses and investment. We are effectively at full-employment in Plymouth so to increase productivity, it is vital we work to create new high-value opportunities and routes for people to upskill.
- Inclusive Growth – growing a prosperous economy that reduces inequality, is sustainable and serves the wellbeing of local people. Without targeted actions and focus on specific areas and groups, there is a risk that too many people find it difficult to access the work opportunities that make the most of their talents.
- Sustainable Growth – devoting resources to the green revolution is very important to the long-term survival of Plymouth’s economy. While sustainable growth is a priority within the economic progression of the city, the unique selling point of Plymouth is as a marine focused city.
- Civic Pride and Regeneration – Plymouth prides itself on being Britain’s Ocean City and is one of Europe’s most vibrant waterfront cities. Supporting strong communities and a sense of place is essential to cultivating a vibrant and attractive city to live, work, study and stay in.
Councillor Tudor Evans said: “The current Plan for Economic Growth was written pre-pandemic and so much has changed locally, nationally and globally, but in saying that it is important to take a moment to see how far we have come in that time. In just the past 12 months alone we have secured £100 million grant funding for Plymouth’s economic projects which, with match funding, is equal to over £200m.
“We’re talking about a massive £4 million a month coming into Plymouth to create jobs and prosperity. It’s a phenomenal achievement and not something that happens by itself. This is down to our staff and our partners’ working closely together to explore new opportunities.”
“A lot has already been achieved, but this is now about regrouping and looking ahead with a fresh pair of eyes, to recognise the challenges businesses face and to target support to help address them.
“Some of those challenges can also offer huge opportunities for Plymouth businesses. We are facing a climate emergency, for instance, and plan to reach net zero as a city, but the green revolution offers enormous possibilities for businesses and education establishments who are breaking new ground in fields we had barely heard of a few years ago. We want to make sure that Plymouth is in the best position to make the most out of any funding or opportunities going.”
A snapshot of funding awards and who from:
• Plymouth and South Devon Freeport (Department of Levelling Up and Communities) £25m
• Plymouth National Marine Park (National Lottery Heritage Fund) £22m
• Waterfront regeneration and blue/green skills (Levelling Up Round 3) £19.9m
• Marine and Maritime Launchpad (Innovate UK) £7.5m
• Shared Prosperity Fund (DLUC) £3.1m
• Future High Streets Fund (DLUC) £20m
The Council has also developed a £1 billion development pipeline over 10 years and delivered many major projects. Here’s a few:
- £47m The Box
- £50m Bretonside redevelopment Barcode Leisure scheme
- £30m Range Head Office project
- £100m Royal William Yard Redevelopment
- £50m Industrial direct development programme with eight schemes
- £40m Oceansgate phase1 and phase 2
- £10m Plymouth Science Park phase 5 extension
- £5m Ocean Studios creative workspace
- £3m refurbishment of the Elizabethan House
- £1m redevelopment of council-owned Waterfront sites including Pier one, Dome and Pier Master House.
The following projects are now onsite: Brickfields regeneration, Civic, Brunel Plaza regeneration, Colin Campbell Court Community Diagnostic Hub and Derriford District Centre expansion.