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

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

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

Change in GVA per head 1998 – 2011

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

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

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

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

Funding Local Growth Fund breakdown (£M) Funding for 2015/ Funding 2016 – Previously committed Local Growth Deal Funding52.21 Total EUSIF ( ) ESF (skills)30 ERDF (innovation/enterprise)30 Total60

Growth deal transport ProjectSLGF 15/16 (£m) SLGF future years (£m) Total SLGF (£m) Croxley Rail Link M1/M25 package A1(M) package A10/M11 package Totals