14 Feb 2017 | Category: LLEP News

How is our economy performing?

To help drive economic development and support enterprises the Leicester and Leicestershire Enterprise Partnership (LLEP) has a number of initiatives underway.  These include the completion of research reports that help to understand how the local economy is performing and where there are key strengths and opportunities..

One recent report titled ‘Proximity & Innovation: A Catalyst for Growth’, offers a valuable  understanding of the landscape of the local, regional and national economies.Key findings from the report show the LLEP areas economic performance has been more robust than the rest of the East Midlands. Furthermore, the LLEP areas economy has been stronger than the national average (what average/) in recent years.

The report also finds the LLEP area is a cost effective place to do business and goes on to highlight the LLEP Business Gateway Growth Hub which has successfully engaged with over 13,300 businesses since launching in October 2014.

More jobs in Leicester and Leicestershire are being filled and less people are claiming benefits.  As a result the  claimant count has dropped from 22,000 in the depths of the recession (2013) to just 8,000 in 2016.

The report also recognises the strengths of tertiary education and scientific R&D with 62,000 students at three world-class universities in the LLEP area. The report also looks at the LLEP’s 9 key industry sectors and the strengths in these areas some of which are highlighted below:

Low Carbon
-The LLEP area is home to research centres such as the Energy Technology Institute, Cenex, Formula E and Horiba MIRA Technology Park
-Predicted 40% Low Carbon growth by 2020 in the LLEP area

Logistics and Distribution
-The LLEP area provides 72% of the East Midlands logistics operations
-Leicestershire has more floor space and warehouse units than Nottinghamshire and Derbyshire combined

Creative Industries
-Over 2,500 businesses located in the LLEP area
-One of the largest creative clusters nationally

Engineering and Advanced Manufacturing
-With market, leading facilities, such as Horiba MIRA, 21% of LLEP area manufacturing businesses are R&D active
-Coupled with its proximity to automotive and aerospace clusters, productivity and GVA have risen rapidly

Food and Drink Manufacturing
The LLEP area has excellent connectivity with access to both domestic and international markets, notably the largest logistics hub in the country
-The LLEP area enjoys a diverse workforce both in terms of ethnicity and its location and urban/rural environment

Tourism and Hospitality
-The value of tourism grew for the seventh consecutive year in 2015
-The reinternment of Richard III brought £59m to the local economy

Textiles Manufacturing
-Worth over £500m to the LLEP economy
-LLEP area offers massive advantages over its counterparts elsewhere in the UK in terms of speed to market with its central location and excellent transport links

Sports and Health
-The LLEP area is a hub for cutting edge sports technology research
-Ranked UK’s greatest sporting city in 2016 and LCFC Premiership Champions

Professional and Financial Services
-Employment in this sector has increased more rapidly in the LLEP area than the UK as a whole over the past decade
-40,000 people employed in this sector in the LLEP area

To view the full Economic Report, click here.

The Economic Review report supports the LLEPs vision to: “Create a vibrant, attractive and distinctive place with highly skilled people making Leicester and Leicestershire the destination of choice for successful businesses.”

The findings from the LLEP Area Economic Review will align with the LLEP’s Strategic Economic Plan (SEP) refresh which is a new, robust economic plan for 2017-2022. The SEP update, which is commencing next month, will use the key findings from the report to help shape the future economy. For more information about our SEP, click here.

For more information, please contact: admin@llep.org.uk

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