Plymouth will cement its reputation as the powerhouse of the region with an exciting new plan that aims to deliver 8,000 new jobs, 10,000 new homes and 1,000 new businesses.
The new economic strategy delivery plan details an impressive 55 projects – some of which are already in motion– that will turn this ambition into reality.
Projects range in scale from the recently-established Growth Alliance Plymouth – a partnership between the Council, Babcock and the Royal Navy, working with across government departments to capitalise on the Government's £4.4 billion investment in defence at HM Devonport Naval Base, through to initiatives designed to supercharge Plymouth’s already strong marine sector such as creating a maritime autonomous system centre of expertise.
Other projects include establishing Devonport as a ‘creative cluster’ supporting floating offshore wind developments, growing the city’s night-time economy, supporting our tech sector and strengthening the supply chains. Across all projects are ambitious goals the city is aiming to achieve:
- 8,000 new jobs
- Build 10,000 new homes
- Create 1,000 new businesses – we currently have 6,300 small businesses,
- Help people with no qualifications – we aim to reduce the number of our residents who have no formal qualifications – it’s currently 10.7 per cent
- Lift at least 3,000 people in Plymouth out of poverty
- Help 5,000 people get work – currently 25 per cent of the working age are economically inactive
- Increase Plymouth’s productivity: aim to increase the city’s productivity (GVA per filled job from £44,930 to £55,000)
- Bring 50 vacant buildings back into use and halve the number of derelict buildings in the city centre
- Grow the value of Plymouth’s economy by £1 billion over 10 years
- Create a highly skilled workforce: we need more residents with RQT level 4+ qualifications (increase from 38.9% to 45.7%)
- Net Zero Carbon City – we will reduce carbon emissions and become a carbon net zero city by 2030
- Make the city more fun! – increase the percentage of the local population involved with cultural, heritage and sport activities
Underpinning the plan is a push to make sure the city has a brilliant, motivated and qualified workforce so that it has the skills Plymouth’s businesses need for today’s work force as well as tomorrow’s.
A taster of what’s to come in terms in skills development includes working with further and higher education organisations to develop sector-focused recruitment events, targeted support for economically inactive people and young people not in work or education, more and better work experience opportunities across the city and creating a construction workforce to tackle the shortage of skilled people for the building industry.
Council Leader Tudor Evans said:
“This is a truly a team effort. We all want to see the city’s economy grow, but in a way that makes our residents feel they are part of this success story, to feel proud and part of where they live, to see their families housed and their children get the skills they need to thrive and prosper here in Plymouth.
“The best economic strategy takes people out of poverty: we are doing this to raise living standards and improve lives. Plymouth has long been called a city of potential and over the past 10 years we have made huge strides to realise that potential.
“We have worked with Government and local partners to invest over £900m in economic development projects. have delivered a City Deal, secured the South West’s only Freeport, created the UK’s first National Marine Park and opened one of the UK’s most important cultural attractions, The Box.
“The job is far from done and we have even greater ambition for Plymouth and its citizens as we plan for the next 10 years of economic growth and prosperity.”
Richard Stevens, Chair of the Plymouth Growth Board said:
“Plymouth has a strong history of delivering significant economic development and over 20 partners across the city have all signed up to make sure we continue to press for growth, regeneration and initiatives focused on improving residents’ lives.
"The strategy is a great reminder of the incredible work that goes on in every corner of our city and of the breadth of what Plymouth’s businesses offer the region and the country. This is about making sure we maximise every opportunity and do all we can to ensure they flourish.”
The city is making sure its top team is on hand to champion strands of work – or pillars as they are called – and cabinet will hear from key players James McKenzie Blackman from the Theatre Royal, Lindsey Hall from Real Ideas and Richard Davies and Jenny Milligan from the University of Plymouth about their role in championing:
- Civic Pride and Regeneration – a tight labour market and the city’s aging demographics means we need to continue to attract new residents, students and workers to the city.
- Productive Growth and High Value Jobs – ensuring local training meets employer needs in our higher value sector. Quality jobs means higher living standards. Plymouth’s average pay remains over £6,000 below the national average of £33,279. Growing productivity is key to improving prosperity for all residents and supporting higher value sectors will help increase wages, create more highly productive jobs, attract new businesses and investment.
- Inclusive Growth – growing a prosperous economy that reduces inequality, is sustainable and serves the wellbeing of local people. Around 35 per cent of working age people economically inactive residents due to long-term sickness. Too many people find it difficult to access work and educational opportunities to enable them to secure higher value jobs.
- Sustainable Growth – growth which does not impact the environment, promotes social inclusion, well-being and helps to drive a green economic revolution. Plymouth has strengths in the ‘blue’ or marine sectors, with many strong businesses within this sector, many of which are at the forefront of economic development
The new Growth brochure can be viewed here https://issuu.com/visitplymouth/docs/driving_growth_in_plymouth_2025-26