A Summary of East Devon's Economic Development Strategy

East Devon District Council has unveiled its Economic Development Strategy for 2024-2029, a robust plan designed to address the district’s unique challenges while equally leveraging its unique strengths.

The strategy outlines five core policies that aim to foster sustainable economic growth, improve residents' wellbeing, and ensure the district remains an attractive place to live, work, and invest.

This is a summary of East Devon District Council’s Economic Development Strategy for 2024-2029, alternatively, you can read the full version here.

A Diverse and Resilient Economy

East Devon's economy is characterised by its diversity, ranging from cutting-edge research at Exeter Science Park to small enterprises in rural hamlets. This diversity has historically provided resilience against economic downturns, such as the 2008 financial crisis and the COVID-19 pandemic.

As businesses adapt to modern challenges, integrating tools like a payroll app could streamline operations, particularly for small enterprises, further enhancing economic stability. However, the district faces ongoing challenges, including lower wages, limited workspace in rural areas, and a high cost of living. The strategy aims to address these issues while capitalising on the district’s strategic connectivity, natural beauty, and proximity to Exeter.

Five Core Policies for Targeted Action

1. Industrial Policy

This policy targets high-growth sectors like clean energy, digital innovations, and the local food and drink industry. It aims to foster innovation, create high-value jobs, and attract investment, while prioritising clean growth to support environmental goals and sustainable development.

2. Workspace Policy

This policy addresses the shortage of employment land by increasing commercial premises across the district. The Council will leverage its assets, work with landowners, and seek funding to develop key sites, aiming to reduce commuting, boost local jobs, and strengthen community resilience.

3. Environmental Policy

Committed to reaching Net Zero by 2040, this policy supports businesses and residents in cutting carbon emissions through decarbonisation grants, sustainable travel promotion, and green job skills development. It also emphasises connecting local environmental efforts with East Devon’s sustainable tourism identity, boosting the district’s appeal to residents and visitors alike.

4. Social Policy

This policy aims to make East Devon more appealing to younger people, while engaging older residents in the economy. It includes town centre regeneration, enhancing cultural and leisure options, and exploring housing solutions for young professionals. The goal is to balance the demographic profile, boosting social cohesion and economic vitality.

5. Resource Policy

This policy ensures the Council stays adaptable while maintaining high-quality services. It highlights the need for agility in responding to disruptions, like the COVID-19 pandemic, and readiness to seize new funding opportunities. Collaboration with local, regional, and national partners is key to maximising the strategy's impact.

Moving Forward

The East Devon Economic Development Strategy aims to create a sustainable, equitable economy that supports residents, boosts businesses, and preserves natural landscapes. Aligned with the UN’s Sustainable Development Goals, the strategy is adaptable and will be regularly updated to address new challenges. With its clear vision and focused policies, East Devon is poised for growth and enhanced quality of life in the coming years.