Hertfordshire’s Economic Overview
Hertfordshire’s overall economic position relative to other LEP areas remains strong with high rates of economic participation, low unemployment, a comparatively well-skilled workforce and a growing enterprise base. But there are still some major challenges ahead to meet the demand for skills in a tightening labour market.
A Business Growth Package for Hertfordshire
In 2015/16 Hertfordshire LEP cemented its relationships with the business community, supported hundreds of SMEs via its Growth Hub, strengthened its key sectors by delivering on its Growth Deal commitments and set up a new tourism service for Hertfordshire.
Delivering Our Deal on Infrastructure
2015/16 marked the first year of significant delivery of our infrastructure programme in relation to Growth Deal round one funding. Hertfordshire LEP helped support a raft of transport measures to relieve congestion, tackle notorious bottlenecks and upgrade Hatfield train station. We have also successfully bid for a new Enterprise Zone, concentrating on our key growth sectors with an emphasis on environmental technology. We will continue to work with partners to secure further funding for key regeneration, transport, housing and job creation projects.
Providing Skills That Meet Employers’ Needs
The availability of a skilled and motivated workforce which can adapt to meet current and future business needs is fundamental to our ability to improve the productivity across Hertfordshire and is a key component of our growth strategy for the county. We’re helping to deliver a new West Herts College campus, creating lasting links between schools and employers, and investing in skills development.
Regenerating Our Towns
In line with our Strategic Economic Plan we have focused our investment on our major towns by identifying the critical interventions needed to unlock growth. We have focused particularly on Watford, Hemel Hempstead and Stevenage.
The Next Steps
2015/16 was our first year of Growth Deal delivery. We will continue to deliver on our commitments and we are ambitious for the future as our focus on large-scale transformative projects demonstrates.
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