ipswich economic development strategy 2013 - 2026 www.ipswich.gov.uk "Ipswich Borough Council is committed to supporting businesses and helping to create and sustain jobs in Ipswich. This Economic Development Strategy outlines our vision for the future and our determination to build a better and more prosperous town despite the challenging economic circumstances. Councillor Carole Jones Economic Development portfolio-holder Ipswich Borough Council Ipswich Economic Development Strategy 2013 - 2026 CONTENTS SECTION 1 SECTION 6 APPENDICES Executive Summary Future Developments Appendix 1 • Ipswich - East Anglia’s Waterfront Town Ipswich Policy Area SECTION 2 • Commercial Introduction • Employment Land Appendix 2 • Private Housing List of Key Partners SECTION 3 • Council House Building Vision • Infrastructure Appendix 3 • Aims • City Deal Summary and Contact Details for • New Initiatives ‘Transport Fit for the 21st Century’ SECTION 7 SECTION 4 Potential Funding Streams Appendix 4 Background & Strategic Context • Growing Places Fund Strategic development sites/schemes • Outlook • Regional Growth Fund within Ipswich • Investor Confidence in Ipswich • Portas Pilots • High Street Innovation Fund Appendix 5 SECTION 5 Strategic development sites/schemes Economic Profile & Key Sectors within Ipswich Policy Area • Overview • Public Sector Appendix 6 Executive Summary from Town Centre Established Growth Sectors Master Plan 2011 - 2016 • Financial Services • Ports & Logistics Potential Growth Sectors • Tourism & Hospitality • Culture • Energy • Skills & Education • ICT & Creative 3 Ipswich Economic Development Strategy 2013 - 2026 1 EXECUTIVE SUMMARY Since the financial crash in 2007, Ipswich’s The strategy complements the Local positive and Ipswich continues to attract Ipswich also benefits from a diverse cultural economy has coped comparatively well Development Framework, the Core significant external private sector economy founded on a collection of high despite challenging economic conditions. Strategy, the Town Centre Masterplan, and investment, as evidenced by the number of quality assets located throughout the town While future economic growth will be other relevant policy documents. major development projects that are either and the waterfront area. The Council will subject to the influences of several external planned or underway across the Borough. make every effort to secure further factors beyond the control of the Council or We will continue to work with partners to The completion of these developments over investment in these assets, and ensure they its partners, there is clear scope for decisive develop bids and tenders to attract both the coming years will offer the prospect of are promoted to new audiences, thereby and effective action to support the Ipswich public and private funding in to the local new employment and business increasing the volume of visitors to the economy. economy. This activity will include opportunities. town. addressing significant infrastructure needs The Council’s economic vision for Ipswich and will facilitate the enhancement of skills Flourishing Waterfront is “An inspiring and exciting town perceived throughout the Ipswich economy. as both an attractive location for investment in business and a centre of excellence for The Council is confident that established education. Creative people in partnership sectors including financial services, public with dynamic businesses will drive a administration, and freight and logistics will diverse and innovative urban economy. A maintain their position of strength and sustainable and low carbon Ipswich will prominence in the Ipswich economy. In enable individuals to flourish, and addition, we anticipate the following four inhabitants will be notable for their sectors will drive economic expansion over enterprise, ambition, creativity and pride in the next decade and beyond. This selection their town.” has been based on both the sectors’ current position and their future potential for This vision is supported by two clear investment and growth that will benefit the ambitions for Ipswich’s economy over the Ipswich economy: next 14 years: • Education • To create the right conditions to create • Tourism, Hospitality & Culture 18,000 additional jobs within the Ipswich • Energy Policy Area ; and • ICT & Creative • To enable the construction of 10,500 new homes. The Council strongly believes that the prospects for economic development are 4 Ipswich Economic Development Strategy 2013 - 2026 2 INTRODUCTION Busy waterfront This economic development strategy development priorities for Ipswich in the Following comments received during the focuses on job creation and retention, as context of the Ipswich Policy Area’s consultation on the draft Strategy it was well as promoting and attracting economic vision. A more detailed decided that it would be more appropriate investment to Ipswich. This reflects Ipswich description of the IPA’s economic vision can to separately produce an Implementation Borough Council’s Corporate Plan – be found in Appendix 1. Plan for this Strategy than to incorporate it ‘Building A Better Ipswich ’. within this document. The Council’s Local Plan / Core Strategy The Council’s economic strategy has taken estimates that the IPA will need to support That will enable the Plan to be updated on account of the aspirations of our economic an additional 18,000 jobs by 2025 . In an annual basis and also enable our Strategy development partners including Suffolk addition, Ipswich has been earmarked for and Plan to more effectively mirror the County Council, New Anglia Local 10,500 new homes by 2027 - roughly a third process that has recently been put in place Enterprise Partnership (NALEP), the of the total housing growth for Suffolk . This for the equivalent Suffolk Strategy and Plan. Ipswich Policy Area Board, University economic development strategy will set out The Plan will set out details In pursuit of Campus Suffolk (UCS), Suffolk New a path that will facilitate and encourage the delivering the aims of this strategy, the College, the Haven Gateway Partnership, attainment of these employment and Council will seek to secure relevant streams Ipswich Central, the Ipswich Chamber of housing growth targets. of funding that align with the delivery of our Commerce and the Growth Cities Network. economic vision – such streams include, The Council acknowledges that along with but are not limited to, the Growing Places Supporting the local economy is Ipswich the partners listed above, it will have to work Fund and the Regional Growth Fund, as well Borough Council's top priority and we will with a wide range of additional partners in as any additional external funding streams work with partners to ensure Ipswich takes the private, public and third sectors in order from either a national or European source. every opportunity to succeed in difficult to achieve the aims set out in the following economic conditions. strategy. A full list of identified partners is In that regard, Growth in Suffolk: Our included in Appendix 2. Economic Growth Strategy was published This strategy outlines a framework for in February 2013. It sets out the economic Ipswich’s economic development, taking This strategy has been widely consulted on ambitions for Suffolk and how they will be into account key employment sites adjacent and has been changed in response to many achieved. An implementation plan is being to the Council’s boundary and the strengths of the comments received. Consultation produced to sit alongside it - it is and opportunities these adjacent sites offer. responses have been received from a variety anticipated that this plan will be completed We have used the Ipswich Policy Area (IPA) of private and public organisations (and by autumn 2013. The Ipswich Strategy is definition as a base for the purposes of all individuals). The Council is grateful for all closely aligned to the Suffolk Strategy and population calculations in this strategy. This the input it has received. our implementation plan will be worked up, strategy sets out clear economic following consultation, and alongside the county-wide plan. 5 Ipswich Economic Development Strategy 2013 - 2026 3 VISION The Council will strive to ensure that The following aims are set out within The Council is committed to creating an • Support for entrepreneurs to start new Ipswich continues to innovate and develop Theme 1 (A Stronger Ipswich Economy) of environment that stimulates business business while retaining and capitalising on its the Council’s Corporate Plan - ‘Building A start-up activity, and supports existing • Support for existing business to develop, distinctive heritage and character. We want Better Ipswich’: business growth. The Council will ensure grow and generate additional employment to see a thriving town centre, sustainable that all available partnerships, networks, opportunities in the Borough transport network and closer links between 1 We will make every effort to bring new and resources are readily identifiable to • Creating the right conditions that will the heart of the town and the Waterfront. investment and jobs to Ipswich. businesses, are straightforward to access - attract new investment into the town 2 We will provide incentives to bring empty and provide good value, with a focus on: “Ipswich will be an inspiring and shops and run-down areas back into use. exciting town perceived as both an Cultural heart attractive location for investment in 3 We will do more to ensure local business