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Economic Strategy ETAG 14 th September 2011 Graeme Rigg The City of Edinburgh Council Economic Development Strategy & Research.

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Presentation on theme: "Economic Strategy ETAG 14 th September 2011 Graeme Rigg The City of Edinburgh Council Economic Development Strategy & Research."— Presentation transcript:

1 Economic Strategy ETAG 14 th September 2011 Graeme Rigg The City of Edinburgh Council Economic Development Strategy & Research

2 Edinburgh Economic Strategy Justification Purpose Product Implementation

3 The Challenges

4 Economic Review Business Perceptions Survey Consultation Stakeholders meetings Councillor’s Away Day 1 st Draft Strategy Final Strategy The Process Further Consultation

5 Input 1 -The Economic Review https://www.edinburgh.gov.uk/economicreview2011

6 Recap: Economic Review findings Strengths 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

7 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

8 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

9 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)

10 Threats Reliance on a limited number of sectors? Potential skills gap between current demands and demands of the future

11 Economic Review findings Tourism Bank of Scotland Purchasing Managers Index published in 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 were in Hotels & Tourism. These totalled $328.8m

12 Economic Review findings Tourism 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?

13 Input 2: Business Perceptions

14 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

15 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 Launch of Economic Strategy

16 Ongoing opportunities to input https://www.edinburgh.gov.uk/economicreview2011


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