7. Economy and jobs Vision – An innovative and analytical city Addressing the need for economic growth and job creation links to the aim in the 2040 vision of being an innovative and analytical city. Encouraging growth and investment in the knowledge economy will support new sectors, develop innovation and increase prosperity. Vision – A city of accessible world class education Addressing the need for economic growth and job creation links to the aim in the 2040 vision of delivering accessible world class education. Developing training and skills for all will enable equality of opportunity in new sectors and support economic growth. Vision – A city of culture Addressing the need for economic growth and job creation links to the aim in the 2040 vision of creating a city of culture where creative making plays a leading role. Encouraging growth and investment in the creative industries will help build a living city where everyone thrives. Objective: Develop the potential of the city for economic growth with a particular focus on the knowledge economy and ensure the benefits of jobs, skills and training are available to all.
Introduction 7.1
The city is at the heart of the Greater Exeter area and has one of the fastest growing economies in the United Kingdom. The Liveable Exeter initiative sets out a vision for a growing, thriving city where significant housing delivery attracts major business investment and high value jobs. Whilst Exeter has, like all cities, been significantly affected by the Covid-19 pandemic, it continues to bounce back. There is a strong ambition to grow the economy with a focus on innovative business sectors, making the most of a skilled workforce, the benefits of the University of Exeter and the world leading research on climate change. The Exeter Plan needs to support the economy and green growth by identifying the employment space and infrastructure we need. This will help to increase prosperity and wellbeing.
7.2
Exeter is a relatively prosperous city and its economy has been growing faster than similar cities over the last two decades. The business growth rate is also strong. Whilst the competitiveness of the city’s economy is slightly below the national average, it has increased in recent years.
Economic development needs 7.3
Exeter is part of a wider Functional Economic Market Area (FEMA), consisting of Exeter, East Devon, Mid Devon and Teignbridge. The area reflects Exeter’s large travel to work area, the second largest in England. In partnership with these neighbouring local authorities, we have produced an Economic Development Needs Assessment (EDNA) which considers, and reports on, the economic development needs of the area. The work has been undertaken through an analysis of the economic forecasts to establish demand, a review of the current employment land to establish supply and a comparison between demand and supply to reach 56