Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: March 4, 2025

Purpose:

Content: RESOLVED: Cabinet; 1.     Approves the West Northamptonshire Economic Growth Strategy attached at Appendix A 2.     Supported proposals to establish an Economic Growth Board to oversee delivery of the actions within the Economic Growth Strategy and input into strategic decision-making.   REASONS RESOLVED: 1.     Approval of the West Northamptonshire Economic Growth Strategy will support economic growth across the whole local authority area and align with national government policies. It will result in benefits for our residents and businesses located here. We want to achieve: ·       Higher levels of productivity, above national levels ·       Increased employment in investment sectors ·       Increased levels of specialisation in investment sectors ·       Increased net business formation rates ·       A higher skilled workforce aligned to business needs ·       Improved life chances for children and young people ·       A reduction in inequalities and deprivation   2.     Whilst we have significant strengths in West Northamptonshire, there are also areas for improvement including the following: ·       A productivity gap, with workers in West Northamptonshire producing £2.80 less output per hour than the England average. ·       Employment in West Northamptonshire is heavily concentrated in lower value sectors such as transport and storage, health and social care, and wholesale and retail, which typically offer lower-value opportunities. ·       The business base has been in decline (falling by 3% between 2019-24), compared to a small increase of 2% nationally. This has included contractions in high-value sectors like professional, scientific, and technical services, as well as information and communication. ·       There were more business deaths than births in 2021 (-230), emphasising the need to stimulate entrepreneurship and improve the conditions for start-ups. At the same time, five-year business survival rates are falling, with only 36% of businesses started in 2017 surviving into their fifth year, compared to 39% for those started in 2016. This highlights the importance of supporting businesses through their critical early years. ·       A lower proportion of our workforce possess high-level qualifications and are employed in skilled occupations. Instead, a higher concentration are employed in process, plant, and machine operatives. ·       Significant inequalities exist across West Northamptonshire, with high levels of deprivation, particularly in parts of Northampton.   ALTERNATIVE OPTIONS: None