Torbay’s future economy Potential of South Devon Link Road

What is local business saying? Mixed perception of economy Principal issues for businesses reported as –SDLR –Wider road network (ring road) –Access to right quality premises for growing businesses –Broadband –Town centre regeneration Increased risk to retention of growing businesses & attraction of inward investment if the environment for them is not right

Economic trends Economic issues for Torbay well known –Productivity & Business growth –Economic activity –Infrastructure Forecast to be 4th fastest employment growth in the South West growing to 48,900 by 2016 at 1.9% per annum that equates to 800 jobs per year Growth to be sustained beyond that, albeit at slower rate, around 450 Earnings growing up around 13% in last two years Torbay needs to be able to provide right type of space

Where are the jobs? Trends suggest –Tourism, hotel & catering 2.8% growth per annum till 2016 –Manufacturing 2% growth per annum till 2016 –Professional services 3.3% growth per annum till 2016 –Financial services 4.5% growth per annum till 2016 Focus on start up businesses and infrastructure for growing businesses For inward investment priority Sectors include –Advanced Electronics/Hi-Tech –Medical/Healthcare –Business Process Outsourcing

Electronics/Hi Tech sector messages We aren’t a Cambridge, Oxford, Bristol – know this Looked at the legacy, and tried to understand the distinct opportunity for Torbay We have top class R & D facilities, Oclaro, Spirent, Astra Zeneca, Hospital, highly qualified staff Niche opportunity – Torbay is a place for high end design, research, development – lifestyle attracts Photonics, RF Wireless, Optics/Lasers, Optical technologies, positioning & navigation

Electronics/Hi Tech sector messages Specialisms that take place in Torbay – R & D, design, development, specialisations Build upon Spirent, Oclaro, Syntech and wider area Eltek Semiconductors, Motorola Large talent pool. Many still in the area after the closure of Nortel. Competitive property and wage costs

Medical & Healthcare Development of new drugs, opportunities with older population, targeted clinical trials, assistive technologies Torbay is at the centre of a research corridor backdrop across our key sectors Opportunities in diabetes, medicines for children, stroke & dementias, neurodegenerative diseases, orthopaedic devices Telecare opportunities and possible tie ins with our call centre key sector Encourage potential investors & businesses to tap into Hospital/Horizon facilities

Call Centre Campaign Key messages – available workforce, up to 30% lower property & wage costs than other locations We can’t compete with major locations but we have advantages More suited to smaller seat operations no more than ideally Torbay doesn’t have many call centres, low staff churn Other attributes – strong service ethic, other industries that exist in the Bay have injected this Seasonality of our offer which would match Utilities, Leisure, Retail, Travel, sectors

Developing marketing

What lies ahead Working within the Council on simplified planning approaches and testing potential for other incentives Work with HoSW LEP to access funding Pushing for future EU funding status Council decision on its physical regeneration priorities & vehicle ‘Torbay’ event in Westminster Ongoing sector inward investment campaigns