The City’s growth aspirations are articulated and position us uniquely within the region. Whilst the recession was technically declared over on 26th January with the ONS reporting economic growth of 0.1%, there can be few households that believe we are truly out of the woods.

Plymouth has suffered less from the downturn than some UK cities but our dependence on public sector employment (36.9%) will impact upon the City in the coming months as organisations such as the City Council, Regional Development Agency, NHS, and the Police will face significant budget pressures. It is in this climate that the public sector will have to show leadership in identifying the priorities for Plymouth and creativity in seeking to deliver more from less.

There are also reasons to be optimistic and it is vital that the City stays true to its ambitions for growth and firmly focuses on delivery. A recent Sunday Times article identified Plymouth as a top twelve location to buy property and it is no surprise that our waterfront location was highlighted. A second equally significant reason identified by the Sunday Times was Plymouth’s strong strategic regeneration framework.

In Plymouth the Public, Private and Third sectors have all signed up to a single Economic Strategy and are working well together to deliver this through the Local Strategic Partnership. The City also has one of the most advanced Local Development Frameworks in the UK with an adopted core strategy and 5 Area Action Plans complemented by a Housing Strategy which has already help achieved government funding of £253M. This has the effect of de-risking major projects and giving investors and developer’s confidence.

The evidence of this private sector confidence in the City can be seen on the ground with Plymouth having determined 28 major planning applications in the last quarter, and granted planning permission for £565m of development in the current year.

It is extremely important that growth is not only housing led but driven by job creation,  infrastructure investment and provides opportunity for all. The City’s growth agenda will be delivered over 25 years but the foundations for that growth will be put in place today through structural investment or in the future skills requirements of a modern knowledge based economy

The City Council and its partners are actively investing in a series of major projects in Plymouth that will lay the foundations for economic growth and employment. These include the £20m Eastern Corridor road infrastructure scheme, the Plymouth Science and Innovation Programme, the LIFE Centre, Building Schools for the Future, The Plymouth Offer City Branding initiative and Place Management Visitor Strategy, and the £14m Urban Enterprise scheme.

Long term Sustainable Development and regeneration isn’t about quick wins or high profile launches. It is about establishing a clear long term strategy and a serious commitment to delivery. It is on this basis that Plymouth’s growth strategy that will be enduring and ultimately create prosperity, improve quality of life, reduce inequality and promote economic inclusion.

Chamber Matters

The 'Chamber Matters' Column features every Tuesday in the Business Section of The Herald.