Shaping the Economic Development Strategy

1. Shaping the Economic Development Strategy Local Economic Assessment – The Evidence Housing Services Forum - March 2011 Ephraidge Rinomhota Snr Economic Research Officer Economic Development

2. What Will Be Covered • The Local Economic Assessment • Industry Structure • Economic Performance • The Labour Market • Employment Land • Housing, Jobs and Growth • Infrastructure • Future Growth Prospects • Summary Local Economic Assessment Evidence - Housing Services Forum

3. Local Economic Assessment • Legal duty from April 2010 • A comprehensive & robust diagnosis: • Understanding local economic conditions & impact on residents & business • Identify strengths, weaknesses, challenges/threats & opportunities • Identify the local economic geography & linkages to wider economy • Local constraints to economic growth & employment & risks to delivering sustainable economic growth. • NB. The need for Local Economic Assessments was endorsed by the Coalition Government. Local Economic Assessment Evidence - Housing Services Forum

4. MK Economy- Key Statistics • Population – 240,985 (2010) and 305,000 in 2033 • Households – 101,363 (2010) • Working Age Population (16 – 64/5 yrs) 159,300 • Number of Businesses – 10,971 (2008) • Employment – employees – 142,620 • Employment – employees – 137,240 (2009) • Employment – self-employed – 11,300 (7.5%) (2009) • Employment Rate – 72.5% (June 2010) • Economic Activity Rate – 80.4% (June 2010) • GVA - An economy worth £6.9 billion (2008) • Unemployment (claimants) – 5,874 (January 2011) • Unemployment Rate (claimants) – 3.7% (January 2011) • Young people in leaning – 6,500 (83.6% of the cohort) in January 2011 Local Economic Assessment Evidence - Housing Services Forum

5. MK Economic Functional Area - The South East Midlands Local Economic Assessment Evidence - Housing Services Forum

6. Strategic Location of Milton Keynes Local Economic Assessment Evidence - Housing Services Forum

7. MK Population 2008 - 2026 Source: MKC & ONS Local Economic Assessment Evidence - Housing Services Forum

8. Population by Age Group, MK and England, 2009 Source: NOMIS Local Economic Assessment Evidence - Housing Services Forum

9. Industry Structure, MK Source: NOMI Local Economic Assessment Evidence - Housing Services Forum

10. Knowledge-Based Economy Source: ONS Local Economic Assessment Evidence - Housing Services Forum

11. Employment By Size Band, MK 2008 Source: NOMIS Local Economic Assessment Evidence - Housing Services Forum

12. GVA – MK and the South East Midlands Area Source: NOMIS Local Economic Assessment Evidence - Housing Services Forum

13. Occupational Structure, MK, SE and England Source: NOMIS Local Economic Assessment Evidence - Housing Services Forum

14. Skills of the Residents, MK , South East & England, 2009 Source: NOMIS Local Economic Assessment Evidence - Housing Services Forum

15. Commuting Patterns, MK, 2001 and 2008 • MK 2001MK 2008 In 53,000 Out 18,000 In 38,000 Out 22,000 Net In – 35,000 Net In – 16,000 Source: ONS Local Economic Assessment Evidence - Housing Services Forum

16. Unemployment rate, (Claimant Count) MK, SE, & UK 2000 to 2011 Source: NOMIS Local Economic Assessment Evidence - Housing Services Forum

17. Unemployment & Job Vacancies , MK, January 09 to January 2011 Source: NOMIS Local Economic Assessment Evidence - Housing Services Forum

18. Employment Land By Use Type Source: MKC Local Economic Assessment Evidence - Housing Services Forum

19. Population, Households and Employment, MK, 2008 - 2009 Source: NOMIS & MKC Local Economic Assessment Evidence - Housing Services Forum

20. Housing Completions Source: MKC Local Economic Assessment Evidence - Housing Services Forum

21. Infrastructure – Transport Source: MKSM Transport Report Local Economic Assessment Evidence - Housing Services Forum

22. Projected GVA Growth 2010 to 2030 Source: CE Local Economic Assessment Evidence - Housing Services Forum

23. Summary • Local Economic Assessment • The MK Economy – The Evidence • The SWOT Analysis • Areas for Intervention • Thank You. • Ephraidge.Rinomhota@milton-keynes.gov.uk Local Economic Assessment Evidence - Housing Services Forum

24. Housing Services Forum • Milton Keynes Economic Development Strategy • Pam Gosal • Head of Economic Development • 3 March 2011

25. Local Economic Assessment • Legal duty from April 2010 • A comprehensive & robust diagnosis: • Understanding local economic conditions & impact on residents & business • Identify strengths, weaknesses, challenges/threats & opportunities • Identify the local economic geography & linkages to wider economy • Local constraints to economic growth & employment & risks to delivering sustainable economic growth

26. Local Economic Assessment - conclusions • Diverse and competitive knowledge based economy • Economic regeneration • Skills and learning • Business support • Marketing MK • Infrastructure Local Economic Assessment Evidence - Housing Services Forum

27. MK ED Strategy extensive consultation • Setting Priorities • MKELP Board • MKELP Advisory Committee • TOG • MKC DMTs • Economic Development and Enterprise Select Committee • Internal MKC Staff • CLT • LEA Public consultation • Economic Development Strategy • 21th February – 11th March 2011 – Organisational Consultation • In agreement with partners sign off in April 2011 Local Economic Assessment Evidence - Housing Services Forum

28. MK ED Strategy Consultation – partnership approach • Local context – what is the current position in MK, economic trends and issues • Long Term Economic Vision – where do we want to be in 2034 • National Context – how MK fits into governments national agendas • Key Priorities – what are our key priorities and how they fit into the LTEV and other key documents • Measuring Economic Performance – what are we going to measure so that we can see that the work we are doing is helping the economic situation in MK • Action Plans – what are the objectives that will address the each priority and who is doing what to deliver these objectives and what are the gaps Local Economic Assessment Evidence - Housing Services Forum

29. MK ED Strategy Key Priorities • Diverse and competitive knowledge based economy.Create an environment that will foster business and employment growth within a diverse, more knowledge based and competitive economy by encouraging innovation, enterprise and skills improvement. (Supports LTEV Pillars 1,2 & 3; Foundation 1) • Economic regeneration.Improve access to training and job opportunities, especially for those with no or low skill levels, to provide greater opportunities for individuals to obtain sustainable employment. (Supports LTEV Foundation 1 & Underpinning 2) • Skills and learning.Improve the overall skills and qualifications profile of the resident population through education and training provision, to ensure that the skills of the resident population are able to meet the needs of employers, especially in relation to higher level skills and  the development of the University Centre Milton Keynes. (Supports LTEV Pillars 2, & 3; Foundations 1& 2) • Business support.Encourage business growth through focused interventions such as support for innovation, start-ups and ensuring an appropriate range of commercial space is available. (Supports LTEV Pillar 1 & 3; Foundations 1 & 2) • Articulating a compelling MK Offer.Promote Milton Keynes as a premier location for inward investment and as a visitor destination. (Supports LTEV Pillars 1,2 & 3; Foundations 2 & 4; & Underpinning 1) • Enabling infrastructure. Create, maintain and improve the appropriate infrastructure for growth, especially in relation to transport and digital infrastructure. (Supports LTEV Pillars 1,2 & 3; Foundations 2 & 3) Local Economic Assessment Evidence - Housing Services Forum