Plans to super-charge Plymouth's economy outlined

Plymouth’s plans to go global as well as supercharge the city economy have been outlined in a key review of its local economic strategy.

The document, sets out the direction the city must take and how it should use the Mayflower 2020 as a flagship opportunity to help achieve its goals of becoming ‘one of Europe’s most vibrant waterfront cities where an outstanding quality of life is enjoyed by everyone.’

The review, which has been led by the Plymouth Growth Board, was carried out over a number of months, involving key city stakeholders to look at challenges and future opportunities.

And it recommends focussing on six ‘flagship’ areas – Ocean City Infrastructure, Digital Economy, Business Growth and Investment, Learning and Talent Development, People, Communities and Institutions; and Visitor Economy and Culture.

Within these areas, a number of big ticket opportunities are highlighted which have the potential to transform the city and seal its role as the key urban driver for growth across the South West peninsula.

They include:

• A Marine Industries Production Campus at South Yard as part of the City Deal

•  A City Centre Diversification Programme to create a modern fit-for-purpose city centre.

• An expansion of the hugely-successful Tamar Science Park Phase 5 – now renamed Plymouth Science Park

• An Innovation Centre, in the city centre bringing in new investment to support high-value, knowledge-based growth.

Council Leader Tudor Evans said: “This refresh is about taking what we have and sharpening our focus on where we think we can make the most impact.

“It looks at opportunities that we as a city must not ignore. Mayflower 2020 may seem like a long way off, but has the potential to put Plymouth on the world stage and work is already well underway to make sure we play a starring role.”

The review, which will be discussed at Cabinet on 25 March, is a significant refresh of the Local Economic Strategy which was first launched in 2006.

As well as big infrastructure projects the review recognises work needs to be instil confidence, growth and skills among Plymouth’s population as well as local businesses.

Plans include building on the work of the Growth Acceleration and Investment (GAIN) network to bring together resources from across the city to help businesses looking to expand; a skills matching service to integrate and simplify existing employment support and a focus on Plymouth’s new status as a Social Enterprise City, working with residents, communities and organisations to drive economic growth and community regeneration.

Councillor Evans added: “We wanted this review to pay close attention to the next generation of Plymouth citizens, that we provide the tools for our young to become more skilled and more entrepreneurial.

“These are not overnight fixes, but by working with partners and with the business community, we believe that this.”

Chair of Plymouth Growth Board, Paul Woods said: “At the heart of this review is the recognition that we as a city need to work together to create the best possible business environment to enable our firms to reach their growth potential. To raise our relative economic standing, requires more enterprise, more innovation, and for our businesses to ‘think big’ in terms of tapping into new markets.

“Plymouth is the ‘engine’ of the SW Peninsula economy and through this review we have made it clear that we have the ambitions to drive economic growth well-beyond the city’s boundaries.”

Professor Julian Beer, Pro Vice-Chancellor (Regional Enterprise) at Plymouth University, and a member of the Growth Board, said: “The LES is aligned to the strengths of the city and to the City Deal, and focusses upon the opportunities we have in the coming years to really transform Plymouth’s prospects. GAIN is central to supporting these ambitions and the University, along with its partners, looks forward to bringing these to fruition.”

The LES review will form a key building block in the emerging Plymouth Plan, which will help shape the city’s growth and development. It will also feed into the wider economic plans for the region s part of the Heart of the South West Local Enterprise Partnership strategy developments.