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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 2012-2017 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 2011- 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 2006-11 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 2012 - Launch of Economic Strategy

16 Ongoing opportunities to input https://www.edinburgh.gov.uk/economicreview2011 economy@edinburgh.gov.uk graeme.rigg@edinburgh.gov.uk


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