Transforming PORTLAND our Island economy ECONOMIC PLAN to deliver growth and jobs IntRODUction OUR Economic Our Economic Vision for Portland sets out our ambition, Plan IS amBitioUS, priorities and approach that we will take to enable the growth of the local economy to create stability BUT it IS alSO and prosperity. This is a shared agenda developed by the public and private sectors, taking into account the CREDIBle. different opportunities and challenges that Portland needs to address. Our vision is for Portland to be a leader in innovative business, destination Portland’s potential as an economic asset for its development, maritime services and low own community and for the whole of south and carbon technologies, connecting its residents west Dorset is gradually being recognised generally and businesses to more opportunities, and but also specifically by the Dorset Local Economic providing an ideal environment to grow, Partnership (LEPs) as part of the development of start and locate a business. Portland will the Western Dorset Growth Corridor. Creating a be a leading player in the thriving *Western sustainable high performing economy is at the heart of our Neighbourhood Plan. We have established priorities Dorset Growth Corridor and to the UK. around increasing jobs and new business start•ups, WITHIN THIS SUMMARY DOCUMENT, enabling appropriate housing development and facilities WE SET OUT: as well as ensuring our companies are supported and have the opportunity to grow and develop. • The context to our Economic Vision and Plan • What we want to achieve We will use the Vision and Strategy to articulate • Our Targets to partners our ambitions and plans with a view of improving collaboration and maximising leverage. The • How we plan to deliver this vision strategy will also help shape our conversations with For more information, contact xx Weymouth & Portland Borough Council, Dorset County Council - Portland Town Council and Dorset Local *See page 7 Enterprise Partnership in supporting delivery of the wider regional growth programmes. - Portland Economic Vision Board 2 3 PORtlanD Addressing in NUMBERS CLASSIFICATIONS DCC DORSET PORTLAND needs......BUilding on % Wealthy Achievers 40.1 4.2 Our Economic Plan is underpinned by a strong % Urban Prosperity 7.1 7.4 oppoRTUnitieS understanding of what makes the Portland economy tick. % Comfortably Off 33.2 20.3 The data and intelligence demonstrates the economic issues and A population of 12,844 with an ageing profile % Moderate Means 9.2 51.3 challenges facing Portland. Its economic base is weighted toward lower value•added activities, with an over•reliance on low•value 2990 people work on the Island % Hard Pressed 10.2 16.8 employment. Average earnings are also modest by regional standards. This may reflect the local significance of the public 3200 people commute off the Island % Unclassified 0.2 0.0 sector, where earnings between higher and lower earners are Daily Traffic On Beach Rd 18,000 movement ACORN is a geodemographic segmentation of the UK’s population which traditionally more compressed than in the private sector segments small neighbourhoods, postcodes or consumer households into 292 firms employing 2,990 (61% work full•time) 5 categories, 17 group and 56 types. The area suffers from pockets of deprivation and a disparity between low earnings and high housing cost. It has been one Average wages £22,100, Dorset £24,400, The 5 higher level categories “wealthy achievers”, “urban prosperity”, of the weakest areas in the south•west in generating private UK average £27,200 “comfortably off”, “moderate means” and “hard pressed” are shown sector employment in recent years and its modest increase in above. 38,000 staying visitors, 343,000 day visitors employment seems to be attributable to a comparatively robust public sector. 22.4% of Population have a benefit dependency However, the island does have a number of strengths, opportunities and assets that could be a focus for future economic growth activities, including: • Employment sectors that offer future growth potential; • A potentially strong tourism and leisure offer; • Outstanding and unique natural environment and built heritage; • Areas of job creating potential, including Portland Port and Osprey Quay; • A ‘green technology’ opportunity cluster. The London 2012 Olympic sailing event based at Portland and the development of the National Sailing Academy has provided an unprecedented opportunity for the island. The island has continued to adapt and develop in line with changing economic demands and the economic plan will need to respond to change and transition. Our focus will be on delivering economic recovery and growth and the creation of employment opportunities that people have the qualifications and skills to access. 4 4 5 National anD Western Dorset Local PolicY ConteXT Growth Corridor Map The Portland Economic Vision articulates the national, regional and local policy objectives to achieve a strong, diverse and sustainable economy. It will assist in Dorchester Urbn Extension delivering the emerging Western Dorset Growth Corridor Poundbur Brewer Sq. Dorchester economic strategy, which focuses on developments in 1,200 dwellins 500 dwellins the corridor of Weymouth, Dorchester and Portland. The 6h of emplo ment lnd Chrles Street Dorchester sub regional strategy aims to achieve a better balance 27 retil units nd 67 prtments and more sustainable future for the towns of Weymouth and Dorchester whilst releasing the employment and Trnsport Improvements Crossw s Dorchester investment potential of Portland. Portlnd - We mouth - Dorchester 500 dwellins A354, ril nd public trnsport 3.5h of emplo ment lnd The Economic Plan provides the framework to enable businesses to grow as well as encouraging the creation and growth of new ones. Chickerell Urbn Extension Littlemoor Urbn Extension 820 dwellins nd 500 dwellins emplo ment lnd 12h of emplo ment lnd Portlnd Port We mouth Town Centre Access to Enlish Chnnel 5 redevelopment sites Export opportunities 1,000 dwellins New Cruise Ship mrket 57.94 cres Portlnd Port MEMO 36h of emplo ment lnd New £30m attraction Ospre Qu Jurssic 8.6h of emplo ment lnd New £60m attraction & 70 dwellins 30 MW of tidl strem renewble ener opportunit 6 7 MarITIME SECtor: Portland has particular We have identiFiED FOCUS strengths in the maritime sector, particularly advanced • Grow a high quality and distinctive visitor economy engineering and manufacturing. The deep water port creates OUR PRIORITIES 9 • Address shortfalls in our product offer opportunities for businesses not only in the port estate but • Achieve excellent business and community engagement on Portland and beyond.As well as providing world class Five priorities for action over the next 15 years, which • Support the development of tourism products, services sailing and leisure facilities, Osprey Quay offers modern will make a significant contribution to achieving our and facilities workspace. Significant local businesses include Sunseeker vision and aspirations for Portland. international, which has expanded its manufacturing ACTIonS EXAMplES (AMonGST otHERS) expertise in Portland. BUSINESS TranSForMatIon: • Form Portland Tourism Task Group to take forward Action plan, destination brand, wayfaring projects working with RENEWablE ENERGY: Portland offers an ideal We want to support the growth and development of a vibrant other local tourism groups and partnerships environment for renewable energy companies to thrive and business community focusing actions on those growing and • Support and develop the regeneration opportunities in there are opportunities for tidal power as well as solar and opportunity sectors, including maritime, advanced engineering Castletown, Chiswell and other areas of Portland wind power development. The Port of Portland, with ready and renewable energy, which are capable of delivering higher suffering economic deprivation access to deep water, can assist in putting the region at skilled, higher waged jobs the forefront of construction and support to renewable LOW Carbon EConoMY: energy development. FOCUS • Attract, retain and grow the business base providing We want to capitalise on the island’s natural resources and TOURISM: Apartfrom the superb natural environment the conditions for business•led growth advantages, support the development of a low carbon economy, and Jurassic coast, there are a number of tourism ‘assets’ • Promote a culture of entrepreneurship specifically renewable energy that need to be included within actions to develop the • Use our natural resources as key economic assets visitor economy on the island FOCUS ACTIonS EXAMplES (AMonGST otHERS) • Promote and develop Portland as a ‘green’ exemplar island • The island also offers a significant activity adventure • improve communications with businesses • Develop the commercial potential of cutting•edge renewable product. The Weymouth & Portland National Sailing and between each other by developing a business energy and environmental technologies Academy hosts world class facilities for sailors and directory and communication plan Portland Harbour provides a safe venue with a full range of • Entrepreneurial action plan and development of key ACTIonS EXAMplES (AMonGST otHERS) water sports. account management • Create Energy action group with the aim of introducing renewable energy to the Island • The proposed Jurassica and MEMO visitor attractions DESTInatION DEVElopMEnt: • Progress Community schemes would attract over 500,000 visitors per annum, creating