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Challenge 7: Strengthen the Local Economy

 

Broaden and strengthen the local economy.

 

Current measures of success

 

  • Increase the overall employment rate.

 

  • Increase the average earning of employees in the area.

 

  • Increase the new business registration rate.

 

Key facts

 

  • Manufacturing in Somerset is in decline. Growth areas are the creative industries (e.g. media and IT), tourism, food and drink industries, environmental technologies, aerospace and advanced engineering.

 

Farmers market
Farmers Market

  • Tourism plays an important part in the local economy. Each year there are 11 million overnight visits to the county and nine million day trips.

 

  • Rates of business investment from outside the county are lower than elsewhere and slightly fewer new companies are created than nationally. The ‘Into Somerset’ company has been established to encourage business investment in the county. 

 

  • A significant number of people work in the public sector: health, local government and government agencies such as the United Kingdom Hydrographic Office.

 

  • The voluntary and community sector employs more than 4,000 people and also attracts a large amount of funding into the county.

 

  • Around 5,400 workers from the newer European Union States applied successfully to work in Somerset between 2004 and 2007. 

 

What we will do

 

  1. Attract business into Somerset from outside the county to deliver higher value added jobs.

  2. Increase growth in creative industries and in jobs that require higher skills and professional knowledge.

  3. Enable small businesses to achieve their full potential.

 

What will we do first?

 

  • We will work together to assist the Somerset economy during the economic downturn.

 

  • We will encourage businesses to be successful and to be competitive nationally and internationally.

 

 

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