Torbay’s future economy Potential of South Devon Link Road.

Torbay’s future economy

Potential of South Devon Link Road

www.torbaydevelopmentagency.co.uk

What is local business saying?

• Mixed perception of economy• Principal issues for businesses reported as

– SDLR– Wider road network (ring road)– Access to right quality premises for growing businesses– Broadband– Town centre regeneration

• Increased risk to retention of growing businesses & attraction of inward investment if the environment for them is not right


Economic trends

• Economic issues for Torbay well known– Productivity & Business growth– Economic activity– Infrastructure

• Forecast to be 4th fastest employment growth in the South West growing to 48,900 by 2016 at 1.9% per annum that equates to 800 jobs per year

• Growth to be sustained beyond that, albeit at slower rate, around 450

• Earnings growing up around 13% in last two years• Torbay needs to be able to provide right type of

space


Where are the jobs?

• Trends suggest– Tourism, hotel & catering 2.8% growth per annum till 2016– Manufacturing 2% growth per annum till 2016– Professional services 3.3% growth per annum till 2016– Financial services 4.5% growth per annum till 2016

• Focus on start up businesses and infrastructure for growing businesses

• For inward investment priority Sectors include– Advanced Electronics/Hi-Tech

– Medical/Healthcare

– Business Process Outsourcing


Electronics/Hi Tech sector messages

• We aren’t a Cambridge, Oxford, Bristol – know this• Looked at the legacy, and tried to understand the

distinct opportunity for Torbay• We have top class R & D facilities, Oclaro, Spirent,

Astra Zeneca, Hospital, highly qualified staff• Niche opportunity – Torbay is a place for high end

design, research, development – lifestyle attracts• Photonics, RF Wireless, Optics/Lasers, Optical

technologies, positioning & navigation


Electronics/Hi Tech sector messages

• Specialisms that take place in Torbay – R & D, design, development, specialisations

• Build upon Spirent, Oclaro, Syntech and wider area Eltek Semiconductors, Motorola

• Large talent pool. Many still in the area after the closure of Nortel.

• Competitive property and wage costs


Medical & Healthcare

• Development of new drugs, opportunities with older population, targeted clinical trials, assistive technologies

• Torbay is at the centre of a research corridor backdrop across our key sectors

• Opportunities in diabetes, medicines for children, stroke & dementias, neurodegenerative diseases, orthopaedic devices

• Telecare opportunities and possible tie ins with our call centre key sector

• Encourage potential investors & businesses to tap into Hospital/Horizon facilities


Call Centre Campaign

• Key messages – available workforce, up to 30% lower property & wage costs than other locations

• We can’t compete with major locations but we have advantages

• More suited to smaller seat operations 20-60 no more than 100-200 ideally

• Torbay doesn’t have many call centres, low staff churn• Other attributes – strong service ethic, other industries

that exist in the Bay have injected this• Seasonality of our offer which would match Utilities,

Leisure, Retail, Travel, sectors


Developing marketing


What lies ahead

• Working within the Council on simplified planning approaches and testing potential for other incentives

• Work with HoSW LEP to access funding• Pushing for future EU funding status• Council decision on its physical regeneration

priorities & vehicle• ‘Torbay’ event in Westminster • Ongoing sector inward investment campaigns

Torbay’s future economy Potential of South Devon Link Road.

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