1. Perfectly placed for business: Hertfordshire’s Economy and the Strategic Economic Plan Hertfordshire Assembly Joan Hancox 12 th November 2014

2. Hertfordshire’s Economy Great skill levels 50,000 businesses 600,000 jobs Key sectors - Life sciences, advanced manufacturing, film and media sectors Professional, business and financial services, construction and logistics are also important

3. Setting the scene Economy recovering BUT Weak productivity growth in last decade as economic output per head Part time employment largely fuelled by growth in part-time jobs Significant skills gaps reported in key areas such as IT and engineering

4. Change in GVA per head 1998 – 2011

5. Employment perspective Significant gap between Strategic Economic Plan and some planning policy assumptions Local authority jobs target Growth deal figure

6. Employment Nearly 80% of Hertfordshire firms employ 0-4 people Most of these are one-person operations with limited scope for employment growth

7. Infrastructure concerns Infrastructure investment lagging demand –roads –transport –utilities –broadband –housing

8. Infrastructure concerns Need to know where development will occur Cumulative impact needs to be assessed Contributions needed from all Joint lobbying/approach for investment

9. Funding Local Growth Fund breakdown (£M) Funding for 2015/16 20.9 Funding 2016 – 2021 125.93 Previously committed Local Growth Deal Funding52.21 Total199.04 EUSIF (2015-2010) ESF (skills)30 ERDF (innovation/enterprise)30 Total60

10. Growth deal transport ProjectSLGF 15/16 (£m) SLGF future years (£m) Total SLGF (£m) Croxley Rail Link446.550.5 M1/M25 package0.1714.8315 A1(M) package1.32.53.8 A10/M11 package4.743.748.4 Totals10.17107.53117.7