Economy and investment

Our city, towns, coastal, and rural areas have different strengths and challenges. We will work together through the Combined County Authority to support Local Authorities to deliver the mix of housing that local people need, unlock employment and innovation spaces to meet growing demand, and create lasting opportunities for young people. We will make the case for investment in transport and wider infrastructure improvements, recognising the distinctive challenges faced by rural and urban areas, aligning with the Local Transport Plan.

Our existing and emerging strengths in clean energy and digital technology, defence, marine and transport advanced manufacturing, professional services and creative industries are core to the UK’s national industrial strategy and identified by the Government as national priorities. We will continue to support growth, productivity improvements, and investment in these sectors and the clusters of expertise and supply chain firms that exist in our towns and rural areas.

The visitor economy, agri-food, health & social care, construction, education, and retail are the essential bedrock sectors of our economy, providing 212,000 jobs, 47% of all employment in Devon and Torbay and contributing £8.7 billion in GVA each year.3,4 We will support the growth of these industries to drive productivity and new markets, so that they provide good quality jobs and career options alongside critical services and goods to households, communities and other businesses.

We have a unique offer to business. We combine green and blue natural capital, recognised by UNESCO as globally significant, with the right mix of capability and skills needed for mission-critical UK sectors. We will support start-up, micro, and scaling businesses across growth and bedrock sectors, delivered in a way that recognises we are a large, outward looking area, where businesses connect across land and digital networks to face a range of national and international markets. This is a modern rural economy, with high knowledge, high value firms operating across our geography, linked to but not dependent on traditional agglomeration, as part of much wider supply chains and value chains. This networked growth is a priority for us to foster and grow.

Devon and Torbay is committed to retaining and growing its talented, working age population, meeting the changing needs of the labour market around ageing demographics and projections of a stable workforce. We need to ensure that our young people can access the opportunities that exist both here and nationally and are supported to do so. No one should have to leave for a house or a job. We will set out detailed actions to deliver this priority through our Get Britain Working Plan and Skills and Future Workforce Plan, including the devolved Adult Skills Fund. These are an important part of ensuring that growth here is inclusive and that local people are supported and enabled to benefit from new opportunities. Other actions in this plan are also key to talent and skills development and retention, including providing the right housing mix and supporting our cultural offer and high-quality environment.