Nottingham's Economic Growth Plan Overview
Nottingham's Economic Growth Plan aims to foster fair and sustainable economic development in the city, benefiting all citizens. Extensive stakeholder engagement and strategic partnerships have laid the groundwork for this plan. The city's strengths include a young and diverse population, strong business survival rates, and key industry clusters, but challenges such as above-average unemployment and low educational attainment need to be addressed for balanced growth.
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Presentation Transcript
Nottinghams Economic Growth Plan Summary for public consultation February 2024
What is the Economic Growth Plan? A shared vision shared vision for improving the economy of Nottingham A plan to help the city grow in a fair and sustainable way grow in a fair and sustainable way that benefits all citizens of Nottingham A framework of activity to help focus ambition and investment focus ambition and investment in our city A plan for all partners all partners in the city to work towards to create sustainable economic growth sustainable economic growth
What has been done so far? The following activity has been undertaken to get to the point of consulting with the public: Extensive economic Significant stakeholder engagement stakeholder engagement to understand perspectives on the economic situation and priorities for action Discussions with the Nottingham Growth Board Nottingham Growth Board to oversee and sense-check the priorities Engagement with Nottingham City Council Members Nottingham City Council Members to ensure Council input to the Plan Prioritisation of interventions Prioritisation of interventions defining what is realistic, achievable and ambitious Engagement with the interim team of the East Midlands County Combined Authority East Midlands County Combined Authority (EMCCA) (EMCCA) to create early alignment to the EMCCA strategy for growth Drafting Drafting of the Economic Growth Plan and associated Delivery Framework economic research research and data analysis data analysis Public consultation Public consultation will run from 9th February to 1st March 2024 Formal launch Formal launch of the Economic Growth Plan is expected during March 2024.
Summary of the Nottingham Economy Strengths: Strengths: Weaknesses: Weaknesses: Young and diverse population Young and diverse population Business survival rates are strong Business survival rates are strong Knowledge intensive clusters Knowledge intensive clusters Life Sciences Strong Creative & Digital sector Strong Creative & Digital sector Headquarters of major companies Headquarters of major companies Boots, Experian etc Connectivity within the city Connectivity within the city public transport, broadband Visitor economy Visitor economy multiple tourist attractions multiple tourist attractions Below average retail Below average retail vacancy rates vacancy rates Below average productivity Below average productivity Above average unemployment Above average unemployment Above average economic inactivity Above average economic inactivity Lower than average educational attainment Lower than average educational attainment Low levels of graduate retention Low levels of graduate retention Below average levels of foreign direct investment Below average levels of foreign direct investment Relatively low level of innovation via patent applications Relatively low level of innovation via patent applications Housing rental affordability is relatively weak Housing rental affordability is relatively weak Life Sciences Boots, Experian etc public transport, broadband Opportunities: Opportunities: Threats: Threats: Increased retention of highly skilled graduates Increased retention of highly skilled graduates Leverage greater impact from our world leading universities Leverage greater impact from our world leading universities Build on sector specialisms (Life sciences, creative & digital) Build on sector specialisms (Life sciences, creative & digital) Start Start- -up companies up companies utilise existing incubator models utilise existing incubator models Regeneration opportunities Regeneration opportunities Broadmarsh, Island Quarter etc Broadmarsh, Island Quarter etc Green transport Green transport Retrofitting of domestic and commercial properties Retrofitting of domestic and commercial properties EMCCA as a route for future funding and ways of working EMCCA as a route for future funding and ways of working Higher than average proportion of jobs at risk of Higher than average proportion of jobs at risk of automation automation Low apprenticeship participation Low apprenticeship participation Funding uncertainty for supporting businesses Funding uncertainty for supporting businesses Changing consumer behaviour Changing consumer behaviour risk to high street vibrancy Reduced city Reduced city- -centre commuting centre commuting Continuation of long Continuation of long- -term sickness within workforce term sickness within workforce risk to high street vibrancy
Consultation questions (1/4) The story of the Nottingham economy The story of the Nottingham economy 1. To what extent does the plan accurately describe the challenges and opportunities for the Nottingham economy? What do you think Nottingham offers businesses today? 2. Do you think the detail in this plan will help to deliver the ambitions stated within it? 3. Are there any success stories you would highlight from the Nottingham economy, e.g. individual businesses, sectors, programmes of activity etc?
The Vision and Key Ambitions The Vision: To deliver a vibrant, sustainable, and investment friendly Nottingham that promotes inclusion, secures resilience and unlocks prosperity for our residents and businesses. The vision will be delivered by our four key ambitions across four theme areas: To facilitate additional employment of 20,000 new jobs by 2030. People and Skills To generate 1bn of additional GVA by 2030 in the City. Enterprise and Investment Develop infrastructure and services to serve a City population of 345,000 and a population across Greater Nottingham of 710,000 by 2030. Infrastructure and Regeneration Liveability and Experience To secure the next 4bn of regenerative investment in our City.
A vision for each of the four themes Nottingham s Four Economic Themes of the Plan for Growth People and Skills Enterprise and Investment Liveability and Experience Infrastructure & Regeneration At its heart a contemporary, clean and globally competitive City Centre paired with bustling and attractive neighbourhoods that collectively draws residents and visitors to a rich culture, sport and heritage experience across Nottingham. Nottingham s built environment will be a dynamic, green and inclusive place where residents and visitors alike experience harmonious design, sufficient quality living space, and excellent physical, transport and digital connectivity. Nottingham will be a magnet for sustainable growth, where existing industries are nurtured and new emerging industries are empowered to expand and productively contribute to a diverse, growing and prosperous economy. To cement lifelong learning in the City through a broad educational offer that targets raising employment participation and equips Nottingham residents with the skills to enjoy rewarding and quality career opportunities. A clear Vision for each Theme An Inclusive Future: Capitalising on the diversity of our residents and businesses to drive growth and vibrancy Our Future Growth Enablers A Sustainable Future: Defining a resource-efficient, low emission future through Carbon Neutral 2028 A Sustainable Future: Defining a resource-efficient, low emission future through Carbon Neutral 2028 A Smart Future: Adapting to a changing world of work, health and play founded on digital and asset connectivity A Smart Future: Adapting to a changing world of work, health and play founded on digital and asset connectivity A Smart Future: Adapting to a changing world of work, health and play founded on digital and asset connectivity A Thriving Future: Attracting residents and visitors to an exciting City Centre, tourism offer and vibrant, purposeful neighbourhoods
We have identified 12 priority areas of focus for this plan to deliver against these strategic ambitions, helping to secure a more prosperous future for the city. Priority 3: Enhance employment productivity Priority 2: Raise educational attainment Priority 1: Cultivate meaningful employment People and Skills Priority 4: Accelerate emerging sectors Priority 6: Attract new enterprise investment Priority 5: Nurture existing businesses Enterprise and Investment Priority 8: Heartbeat of the East Midlands Priority 7: Drive housing growth Priority 9: Enhance connectivity Infrastructure and Regeneration Priority 11: Flourishing City Centre and Neighbourhoods Priority 12: Co-ordinate the visitor offer Priority 10: Identify & champion prime regeneration sites Liveability and Experience
Consultation questions (2/4) Strategic Vision and Priorities The Strategic Vision and Priorities 1. To what extent do you agree with the Vision for Nottingham? 2. Are the four economic themes the right areas to focus on to grow the Nottingham economy? 3. Do you have any further evidence to contribute to the description of the theme areas?
Action plan to deliver the ambition To deliver our shared vision for Nottingham a total of 25 actions have been identified. Delivery of the plan will evolve over time and city partners will need to remain flexible to adapt to changing contexts. The identification of 25 actions is the starting point. Importantly, these actions will be delivered by a cross-section of partners within the city. Nottingham City Council have a role in helping to facilitate and coordinate action but cannot deliver these actions alone. This Economic Growth Plan is a shared ambition.
The portfolio of activities below can help to deliver both short and long-term change through strategic design, inviting collaboration, shaping our markets and providing targeted support to businesses and residents. 1. Setting Strategy and Insight: Action 7: Develop emerging sector growth plans. Action 15: Define Strategic Outline Business Cases for Green Infrastructure. Action 17: Support on the development of an East Midlands Transport Strategy Action 19: Set a clear and compelling vision for regeneration sites. Action 23: Develop thematic activity zones for the City Centre Action 25: Develop a visitor economy marketing strategy. 2. Promoting , co-ordination and collaboration across Partners Action 8: Further develop sector focussed business networks. Action 14: Encourage land assembly. Action 16: Undertake joint infrastructure planning Action 24: Co-ordinate the visitor economy offer 4. Shaping new markets Action 4: Delivering business led short courses across Nottingham Action 5: Drive apprenticeship demand in Nottingham Action 6: Raise graduate retention in the city Action 9: Identification and acceleration of investment opportunities in the Green Economy Action 12: Launch Opportunity Nottingham Action 13: Maximise the use of Private and Council vacant and underutilised site. Action 20: Set investor targets Action 22: Promote greening opportunities. 3. Strengthening our Asset Base: Action 1: The delivery of Out of Education transition training programme Action 2: Launch the Nottingham good work programme . Action 3: Delivering foundational skill programmes Action 10: Undertake business engagement to help re- define and strengthen the future of SME support Action 11: Provide support for SME s to help them access investment Action 18: Undertake a digital inclusion programme Action 21: Undertake strategic enhancements to our neighbourhoods.
Consultation questions (3/4) - Delivery Delivery 1. We have identified 25 action areas to help deliver growth in Nottingham 2. Please select your top 5 actions from this list to highlight which you think are most important 3. Are any missing? 4. If you are an organisation, what might be your role in delivering these actions?
Consultation questions (4/4) - Partnerships Partnerships 1. How can the Council most effectively work with partners in the city to deliver growth? 2. How can the Council and city partners work with the future elected East Midlands Mayor to deliver growth? 3. What is the biggest single action that the Council and partners could take to deliver Growth in Nottingham?
