The Economic Masterplan is an ambitious attempt to make a step change in the prosperity of Sheffield.
Taking Sheffield to the next stage
It builds on solid foundations. The last ten years have seen sustained growth in jobs and incomes. The City centre has been transformed. There is a more diverse and competitive local economy. The population is growing and there is a high level of interest and commitment from investors and developers.
The Masterplan shows how we can take this forward and close the gap which still exists between Sheffield’s prosperity and the rest of the country. If we can raise the prosperity of Sheffield to the national average, it will represent the most dramatic economic turn around of any UK city in living memory. It would, for example, translate to an increase in average earnings of £2,250 a year or £9,000 for a family of four, based on current prices. It would mean creating a net 30,000 additional jobs over the next 10 to 15 years, 16,000 who are not currently employed would be brought into work. The skills of people working in the City will rise.
The importance of manufacturing
Unlike many cities, Sheffield is fortunate in having retained a large proportion of its manufacturing base. Although the sector has seen overall employment fall, investment in new technologies, innovation and the identification and exploitation of new markets means that Sheffield has a strong high value manufacturing capacity. The Made in Sheffield mark is the perfect brand to promote our manufacturing capabilities; No other city in the world has a name that identifies it so clearly with quality and manufacturing excellence. This success will be championed and built upon.
The role of the service sectors
Most of the employment growth in recent years has been in the
professional and business services sector. This is where many of the opportunities for significant future growth lie. Sheffield has a growing and competitive office supply, which is essential to securing the levels and quality of office based jobs. Developing the strong and growing profile of key sectors including law, financial services and the public sector is essential. And the City has to continue to develop the high quality business space that top companies demand.
The Knowledge Economy and Creative Industries
Sheffield’s two universities figure strongly in the Economic Masterplan and will be in the forefront in delivering a number of programmes while supporting many more. The Masterplan aims for more engagement between the universities and Sheffield companies. Sheffield is a popular city for students. An increasing proportion wish to stay after graduation. This will help to attract investors and employers wishing to operate in a vibrant city with a steady supply of creative and talented people.
The joint venture between the University of Sheffield and Boeing,
which created The Advanced Manufacturing Research Centre, and in turn, the Advanced Manufacturing Park is a world class example of turning research into high value investment.
The emerging Sheffield Digital Campus is another good example. It is close to Sheffield Hallam University campus, the mainline railway station and the City centre. It will act as a focal point for the Creative and Digital industries in the City. It has the potential to be a truly exceptional development for the City.
Structure of the Economic Masterplan
The Economic Masterplan analyses the current state of the Sheffield economy. It recognises the developments in recent years. It then makes a compelling case that continuing with the status quo, or resting on our laurels, is not a realistic option for the City. Our competitors in the UK and overseas are moving forward and investing in the future. If we try to stand still we will go backwards.
The Strategy is divided into three mutually dependent themes:
• Productive and Competitive Businesses;
• Economic Inclusion and Participation; and
• Creating the Conditions for Sustainable Economic Growth.
Throughout these plans runs the core of sustainability: these ambitions must be achieved in a sustainable way, as explained more fully in the Masterplan.
Delivery of the Economic Masterplan
This is a Plan for the whole City. A scheme of this complexity cannot be delivered by one agency alone. Creative Sheffield is the lead organisation in terms of setting the ambition and monitoring progress against the plan. But it will lead only on a proportion of the programmes and projects – those most closely and directly linked to the economic agenda. Complete success depends on all partners delivering their part of this ambitious programme. The performance of our schools, the delivery of the right volume and type of housing, the achievement of successful neighbourhoods, are essential elements in the transformation
programme.
Creative Sheffield will produce an annual report on performance against this plan, both to the Council and to the City as a whole.
These are bold, large-scale goals. If we can pull it off, the City will
achieve its potential and the people in Sheffield will significantly
improve their quality of life.
That is what Sheffield should expect.
