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Nottingham City Growth Plan 2.0 A renewed strategy for economic growth in Nottingham

Nottingham City Growth Plan 2.0 A renewed strategy for economic growth in Nottingham. The Nottingham Growth Plan set out to strengthen economic resilience. Focused on rebalancing the city economy from its over-reliance on service sectors to grow out of recession

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Nottingham City Growth Plan 2.0 A renewed strategy for economic growth in Nottingham

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  1. Nottingham City Growth Plan 2.0 A renewed strategy for economic growth in Nottingham FOR CONSULTATION

  2. The Nottingham Growth Plan set out to strengthen economic resilience • Focused on rebalancing the city economy from its over-reliance on service sectors to grow out of recession • Focused on strengthening enterprise in sectors where Nottingham has competitive advantage: • Low Carbon • Digital Technologies • Life Sciences • Actions centred around 3 strategic themes: • fostering enterprise • developing a skilled workforce • building a 21st century infrastructure • Delivery of 12 programmes, 42 projects • We also developed a broader-based jobs strategy related to a wider range of sectors

  3. The Growth Plan has helped Nottingham’s economy back into growth Growth Plan projects: • Unlocked over 8,000 jobs • Supported over 800 businesses • Supported over 400 business start ups And impacted on the real economy: • Economic growth (GVA) stands at £8.8bn compared to £7.8bn in 2010 • Employment increased by over 21,000 (11%) between 2011 and 2015 • Average earnings up from £26,000 (2010) to £27,700 (2016) • Unemployment (claimant count) down – from 6.3% (May 2013) to 3.3% (May 2018) • Newbusiness start-ups (VAT registrations) up – from 37.7 (per 10k population) in 2010 to 55.9 (2016)

  4. But the economic context has since shifted • We have seen strong jobs growth in recent years, but productivity remains low within our businesses. • Economic growth slowing down and there is great uncertainty about the future. • The sectoral make up is unlikely to change – professional & technical (inc. life sciences, fintech) and creative/digital sectors projected to grow, as well as health & social care, construction and hospitality. • Digitalisation and automation will change how jobs are delivered and thedemand for particular occupations. • The face of the high street is already changing, as the retail footprint reduces and consumer expectations shift. • Current skill levels way behind national average and 21,000 people on out of work benefits. • Particular groups and communities experiencing higher levels of worklessness – BME, 16-24, over 50s, single parents, people with disabilities/health conditions, ex offenders, homeless.

  5. We have reviewed the key sectors for the Nottingham economy, to understand where our strengths lie We have undertaken a review of the key sectors within the Nottingham Economy, focusing on the following components: • Size – volume of jobs (retail, healthcare, education) • Added value – where high value jobs are forecast to grow (lifesciences, creative & digital, financial services) • Where Nottingham City can intervene and add value (retail, lifesciences, creative & digital) • Where Nottingham has a particular UK recognised position and strength (lifesciences, creative & digital)

  6. Our aim is to grow Nottingham’s economy in a productive and inclusive way Our activity and actions will focus on the following key themes; • Enterprise and Innovation • Supporting businesses to grow • Providing access to business finance • Promoting the city and attracting inward investment • People and Skills • Preparing young people for work • Increasing skills levels • Engaging those experiencing disadvantage to find work • Retaining graduates to boost the talent pool • Infrastructure and connectivity • Creating a modern and vibrant city centre • Ensuring digital infrastructure fit for 21st Century • Growing clusters through sector hubs • Making Nottingham’s transport efficient, sustainable and supporting future investment • Enabling the physical regeneration of the city

  7. Enterprise and Innovation – actions FOR INTERNAL USE ONLY

  8. People and Skills – actions (1)

  9. People and Skills – actions (2)

  10. Infrastructure and Connectivity – actions (1)

  11. Infrastructure and Connectivity – actions (2)

  12. Our interventions will be tailored to the needs of the Key Sectors Seek to promote & grow spaces Help start ups and expansion Create new city centre model

  13. Other Sectors of Interest Test & Learn Encourage & address skills gaps Link to OEMs

  14. We will focus on 3 sectors, with high growth and jobs potential, with specific interventions. We will support and encourage other sectors with specific support as required

  15. We will support programmes of inclusion • Creating an integrated journey of support into work, for those who need it most, through our Nottingham Jobs brand. • We will target support to reflect the diversity of our communities, e.g. people with disabilities and health problems, BME, 16-24 year olds, disadvantaged wards. • Connecting local residents to job opportunities provided by local business, through the Nottingham Jobs hub. • Ensuring business support is appropriate and accessible to a range of businesses, at any stage of their development. • And put citizens at the heart of our Smart City approach.

  16. Our Smart Cities strategy will build our reputation for innovation, particularly for green energy solutions • We will facilitate innovation to address the key urban challenges facing the city – health, housing, transport and fuel poverty. • We will promote Nottingham as a ‘test bed’ for new ideas. • Clean technology/green energy will be a particular cross cutting theme, testing energy solutions for low carbon transport, homes and businesses. • We will develop a digital strategy which ensures Nottingham has the infrastructure needed to support innovation. • We will work closely with the universities and research institutes to unlock funding and test new ideas. • We will adopt a ‘citizen first’ approach, by ensuring solutions are informed by the needs of local residents.

  17. Digital Nottingham for Business Growth “Tech Nottingham” Digital Strategy: • Skills, IT and space infrastructure, 5G test beds, Full Fibre Networks, Free Wifi, Gigabit City, Digital Grants • A program for the city, that helps us develop a leading edge position • 4 key areas: • Skills development – 1000 new coders • Networks – best current and future technologies, Full Fibre networks, ducting benefit • Improve business systems – major driver of business inefficiency – bolted together outdated systems • Develop a business market – CDI sector • Place – creation of Tech Nottingham – incubator and grow on spaces

  18. We will deliver through securing external resources, investing in our delivery platforms and working in partnership

  19. Working with local economic partnerships at different levels

  20. Questions • Do you agree with the economic analysis? Have we correctly identified the key challenges? • Do you agree with the priorities (productivity, inclusive growth)? If not, then what other priorities should we include? • In terms of sectors, have we identified the right ones? • Are the proposed interventions appropriate in addressing the economic challenges? • Is there anything more that we should be doing?

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