Transcript Document
Torbay’s future economy Potential of South Devon Link Road What is local business saying? • Mixed perception of economy • Principal issues for businesses reported as – – – – – SDLR Wider road network (ring road) Access to right quality premises for growing businesses Broadband Town centre regeneration • Increased risk to retention of growing businesses & attraction of inward investment if the environment for them is not right www.torbaydevelopmentagency.co.uk Economic trends • Economic issues for Torbay well known – Productivity & Business growth – Economic activity – Infrastructure • Forecast to be 4th fastest employment growth in the South West growing to 48,900 by 2016 at 1.9% per annum that equates to 800 jobs per year • Growth to be sustained beyond that, albeit at slower rate, around 450 • Earnings growing up around 13% in last two years • Torbay needs to be able to provide right type of space www.torbaydevelopmentagency.co.uk Where are the jobs? • Trends suggest – – – – Tourism, hotel & catering 2.8% growth per annum till 2016 Manufacturing 2% growth per annum till 2016 Professional services 3.3% growth per annum till 2016 Financial services 4.5% growth per annum till 2016 • Focus on start up businesses and infrastructure for growing businesses • For inward investment priority Sectors include – Advanced Electronics/Hi-Tech – Medical/Healthcare – Business Process Outsourcing www.torbaydevelopmentagency.co.uk Electronics/Hi Tech sector messages • We aren’t a Cambridge, Oxford, Bristol – know this • Looked at the legacy, and tried to understand the distinct opportunity for Torbay • We have top class R & D facilities, Oclaro, Spirent, Astra Zeneca, Hospital, highly qualified staff • Niche opportunity – Torbay is a place for high end design, research, development – lifestyle attracts • Photonics, RF Wireless, Optics/Lasers, Optical technologies, positioning & navigation www.torbaydevelopmentagency.co.uk Electronics/Hi Tech sector messages • Specialisms that take place in Torbay – R & D, design, development, specialisations • Build upon Spirent, Oclaro, Syntech and wider area Eltek Semiconductors, Motorola • Large talent pool. Many still in the area after the closure of Nortel. • Competitive property and wage costs www.torbaydevelopmentagency.co.uk Medical & Healthcare • Development of new drugs, opportunities with older population, targeted clinical trials, assistive technologies • Torbay is at the centre of a research corridor backdrop across our key sectors • Opportunities in diabetes, medicines for children, stroke & dementias, neurodegenerative diseases, orthopaedic devices • Telecare opportunities and possible tie ins with our call centre key sector • Encourage potential investors & businesses to tap into Hospital/Horizon facilities www.torbaydevelopmentagency.co.uk Call Centre Campaign • Key messages – available workforce, up to 30% lower property & wage costs than other locations • We can’t compete with major locations but we have advantages • More suited to smaller seat operations 20-60 no more than 100-200 ideally • Torbay doesn’t have many call centres, low staff churn • Other attributes – strong service ethic, other industries that exist in the Bay have injected this • Seasonality of our offer which would match Utilities, Leisure, Retail, Travel, sectors www.torbaydevelopmentagency.co.uk Developing marketing www.torbaydevelopmentagency.co.uk What lies ahead • Working within the Council on simplified planning approaches and testing potential for other incentives • Work with HoSW LEP to access funding • Pushing for future EU funding status • Council decision on its physical regeneration priorities & vehicle • ‘Torbay’ event in Westminster • Ongoing sector inward investment campaigns www.torbaydevelopmentagency.co.uk