Agenda item

The Leader presented the report and confirmed the Newport Economic Growth Strategy was adopted in 2015.  The Strategy gave commitment to a 10-year vision and framework for building Newport’s economy through:

a.    Delivering shared prosperity;

b.    Creating an excellent economic environment, and,

c.     Moving Newport up the value chain.

A number of outcomes and aims were agreed to ensure that people in Newport can achieve their potential; Newport has a competitive environment; Newport is a better place to live, and, Businesses in Newport have the opportunity to prosper.

The Leader confirmed that whilst these outcomes and aims remain relevant, after five years there is a need to revisit the Strategy and ensure it remains fit for purpose and aligns with the Council’s wider strategic objectives.

Newport as a City has changed since 2015 and is now a more competitive city; has growing influence in high value sectors; benefits from a rapidly expanding tourist sector and is home to the brand new International Convention Centre for Wales; provides greater training and development opportunities for future workers, and, is embracing new regional partnerships and the Council’s commitments in the Newport Well-being Plan.

The report confirms that the 2015 Strategy has had a number of successes in delivering economic growth including:

o   An 11.7% increase in FTE gross weekly wages;

o   A 14.9% increase in business start-up rates;

o   A 1.7m increase in visitor numbers, and,

o   A £405m increase in Newport GVA.

However, the report recognises that there is still some work to do on, reducing the gender pay gap; improving the public perception of Newport, and, encouraging and supporting self-employed residents.

The Leader confirmed the updated Strategy acknowledges the city’s strengths and challenges and proposes new aims to support the original outcomes.  These include, but are not limited to things such as: increasing the percentage of Newport residents with NVQ level 4 and above; addressing skill shortages in key sectors, including digital, hospitality and construction; supporting the delivery of more Grade A office space and co-working accommodation as well as delivering sustainable and good quality homes; developing a carbon reduction programme for the organisation with a carbon neutral vision, and, sustaining the City Centre as an attractive place to live, work and visit.

All of these intended aims are captured within the detailed delivery plan which is contained within the updated Strategy document.

The Leader welcomed comments from her Cabinet colleagues. 

Cabinet colleagues agreed that:

§  Newport is the Gateway to Wales and has everything required to provide a good quality of life for its citizens and visitors. 

§  Positivity rather than negativity is now required to build on Newport’s reputation and to instil greater local and civic pride;

§  Increase in house prices is an indicator of people wanting to live in Newport;

§  Tourism is on the increase as evidenced in a presentation made at the Caerleon Ward Meeting held on 11^th February.  An exhibition is also currently running focusing on the historic Living Levels and the people that live in the Levels – the exhibition is on show at the Riverfront and Cardiff Bay;

§  Achieving fantastic rates for those not in Education, Employment or Training (NEETS) – this is all about ensuring a brighter future for Newport’s young people;

The Leader concluded by agreeing with all her colleagues’ comments and highlighted how important destination management is to the value of the economy in Newport.  She went on to say that Newport is largely a rural community with a large urban core with attractions such as the sea wall, the wetlands, the living levels, etc., which are all important to the wellbeing of Newport’s citizens. 

The Leader confirmed she has visited the housing schemes that are contributing to the mixed city centre environment together with the other great opportunities developing within the centre, including the new hotel and also, schemes that are ongoing that will deliver high level office accommodation.  The Leader is also very proud of the market arcade project and whilst a very challenging project she was pleased to see that the scaffolding has been erected and the arcade’s regeneration is underway.

The Leader attended a ‘meet your business neighbour’ event recently in liaison with Torfaen Council where over 100 businesses were represented; the event included a range of people/businesses and showcased the value within the region of entrepreneurship and creativity; an event that demonstrated businesses want to be open for business in Newport.

The Leader confirmed she is confident that the refreshed Strategy reflects what the Council needs to do to encourage and sustain economic growth in the city for the benefit of all residents, partners and businesses for the next 5 years and had no hesitation in recommending that the updated Strategy is approved.  The Leader thanked the team for the fantastic work done on this and for the great vision in bringing the Strategy forward.

Cabinet was asked to agree to the proposal to proceed with adopting the updated Economic Growth Strategy to ensure that Newport continues to meet current needs and facilitates opportunities for growth and investment until 2025. 

Decision:

Cabinet agreed to adopt the updated Economic Growth Strategy.