Economic Strategy ETAG 14 th September 2011 Graeme Rigg The City of Edinburgh Council Economic...
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Transcript of Economic Strategy ETAG 14 th September 2011 Graeme Rigg The City of Edinburgh Council Economic...
Economic Strategy
ETAG 14th September 2011
Graeme Rigg
The City of Edinburgh Council
Economic Development
Strategy & Research
Edinburgh Economic Strategy 2012-2017
• Justification
• Purpose
• Product
• Implementation
The Challenges
Economic Review
Business Perceptions Survey
Consultation
Stakeholders meetings
Councillor’s Away Day
1st Draft Strategy
Final Strategy
The Process
Further
Consultation
Input 1 -The Economic Review
Edinburgh Economic
Review
Economic context
Economic Futures
Productivity Employability and Skills
Enterprise and
Innovation
Jobs and Investment -
synthesis for key sectors
Low Carbon Economy
https://www.edinburgh.gov.uk/economicreview2011
Recap: Economic Review findingsStrengths
• Edinburgh continues to deliver on Tourism spend & attract ‘replacement’ Finance jobs
• FDI attracted to ECR - with projects up 70% between August 2010 and 2011
• New firm formation is relatively healthy with 3.8 per 1000 residents pa
• 44% working age residents have HNC/HND+ and relatively few unskilled
Weaknesses
• Although resilient Edinburgh has lost 7,400 jobs from 2005 peak. Forecast not to regain until 2014
• We are part of a global market place and indebted finance system
• Businesses lag behind UK on innovation and internationalisation
• High unemployment amongst state school leavers
Opportunities
• Further exploitation of University sector – innovation and commercialisation
• Support ‘Innovation City’ and/or ‘Visitor Destination’ scenarios
• Edinburgh’s population is expected to grow c. 9% over 10 years
Threats• A growing population needs increased
Jobs (private sector based) and housing
• Cuts in public sector spend is expected to result in 4,200 direct job losses in the city between 2011/12 and 2014/15
• Between 2010 and 2020, major net job losses are forecast in the city in public administration (2,200), manufacturing (2,200) and utilities (700)
Threats
• Reliance on a limited number of sectors?
• Potential skills gap between current demands and demands of the future
Economic Review findingsTourism
• Bank of Scotland Purchasing Managers Index published in 2011- Tourism is one of the fastest growing sectors
• Retail, wholesale, hotels & catering together account for 26% of the business base
• 9 out of 108 FDI projects into the ECR between 2006-11 were in Hotels & Tourism. These totalled $328.8m
Economic Review findingsTourism
• Reliance on in-migration as a source of labour
• Big Issues - retention, customer service, management & leadership development
• Greater opportunity to exploit ICT?
• Potential tension between air travel and a low carbon economy?
Input 2: Business Perceptions
0% 20% 40% 60% 80% 100%
Improving the employability and skillsof disadvantaged residents
Providing strategic direction and high-quality market information
Supporting new development andfacilitating regeneration
Attracting new inward investors to thecity
Providing support to new and growingbusinesses
Promoting the city as a place to live,visit and do business in
Very important
Somewhat important
Neither important norunimportant
Somewhat unimportant
Very unimportant
Input 3: Consultation & Stakeholder meetings
• Public Consultation – on paper or surveymonkey
• Expert verifiers and specialists
• ETAG, EDSP, Jobs Strategy Group, CoC, MEL, Essential Edinburgh….
• EBF
…and Councillors / Officer input
Milestones• May 2011 Committee - Draft Economic Review
• Committee Awayday 23 August – Review findings and Strategic Options
• 20 June to 16 Sept - open to public consultation
• Various meetings and workshops
• Oct 2011 Committee – Outline Economic Strategy
• Dec 2011 Committee – Draft Economic Strategy including new KPIs and draft operational plan
• March 2012 - Launch of Economic Strategy
Ongoing opportunitiesto input
• https://www.edinburgh.gov.uk/economicreview2011