Thriving Economy

What is this theme about?

The key issues being considered are:

• Shortage of employment land is hampering the development of the economy
• The attractiveness of the local environment is key in encouraging firms into the area and it is crucial that opportunities to maximise the benefits of a high quality environment for business relocation are taken
• The lack of innovation in Bournemouth has a major impact on the outward migration of highly skilled people
• Creating a greater number of highly skilled and well paid jobs would result in a reduction of outward migration
• Low levels of patent registration highlight low levels of research and development, impacting on knowledge based business start ups
• Low levels of innovation, research and development result in a low wage economy
• By targeting low innovation, research and development the emphasis of the economy could be shifted away from a low wage and low skilled economy to a higher wage economy
• The area’s reliance on low skill employment, could place ‘knowledge based’, or high level, employment at risk as a proportion of total employment
• Bournemouth’s tourism needs investment to respond to domestic and international competition
• A co-ordinated approach to retail is needed to ensure the town remains competitive
• Work is required to address the productivity and the wage rates in both retailing and tourism
• There is a wide disparity between those on higher and lower incomes
• There is a need to up-skill and re-skill the workforce.  Skills gaps are concentrated amongst sales, and customer service staff, followed by elementary occupations
• Continuing difficulties in recruiting and retaining young people in the local workforce