Potential to expand Grimsby Hospital would attract more healthcare professionals to work and live in the area. Public Public administration is an important service Ongoing public sector austerity cuts and Administration sector in the local economy again with efficiency measures. population growth or decline being a major determinant of potential employment change Increasing contracting-out of services. in the future. Prospects for growth are limited. Construction & An important and growing sector in the North Reliant on large scale investment in Real Estate East Lincolnshire economy. Growing capital projects and development activity demand from the key sectors and associated stimulated by improved property market supply chains will stimulate growth in conditions. construction and real estate services. An enhanced property sector and growth in Scope for import of construction firms demand in the residential and commercial and labour such that maximum property markets would stimulate significant economic impact is not captured locally. construction employment. Local land values/development viability is a major threat to securing speculative commercial development within the area. Business & Growth of the key sectors will generate new Under-represented sector at present. Financial demand for business-to-business services Services (including legal, insurance, finance and Low wage economy and out-migration of accountancy, information technology and qualified workers to other parts of the communications, engineering, support UK. services). Low level skills base? Stimulation of the office market will potentially attract new investors and occupiers to the Currently fragile office market. area including regeneration schemes in Grimsby town centre and new business parks. Transportation & A well established sector employing over Ongoing investment required in local Storage 5,000 workers. North East Lincolnshire has a road infrastructure, port infrastructure strong industrial and logistics base which and related facilities. generates substantial demand in the transportation and related sectors. This Supply of good quality, readily available demand will continue to expand as more land and premises required to meet growth and capital investment takes place in demand. the key sectors. Other Services Many other service-based sectors will benefit Need to improve quality and diversity of from enhanced demand created by the local services in order that additional growth and diversification of the key sectors. income expenditure in the local economy This will, in turn, generate greater retail and is not to other areas. ‘leaked’ other consumer expenditure in the local economy.
Potential to expand Grimsby Hospital would attract more healthcare professionals to work and live in the area. Public Administration Public administration is an important service sector in the local economy again with population growth or decline being a major determinant of potential employment change in the future. Ongoing public sector austerity cuts and efficiency measures. Increasing contracting-out of services. Prospects for growth are limited. Construction & Real Estate An important and growing sector in the North East Lincolnshire economy. Growing demand from the key sectors and associated supply chains will stimulate growth in construction and real estate services. An enhanced property sector and growth in demand in the residential and commercial property markets would stimulate significant construction employment. Reliant on large scale investment in capital projects and development activity stimulated by improved property market conditions. Scope for import of construction firms and labour such that maximum economic impact is not captured locally. Local land values/development viability is a major threat to securing speculative commercial development within the area. Business & Financial Services Growth of the key sectors will generate new demand for business-to-business services (including legal, insurance, finance and accountancy, information technology and communications, engineering, support services). Stimulation of the office market will potentially attract new investors and occupiers to the area including regeneration schemes in Grimsby town centre and new business parks. Under-represented sector at present. Low wage economy and out-migration of qualified workers to other parts of the UK. Low level skills base? Currently fragile office market. Transportation & Storage A well established sector employing over 5,000 workers. North East Lincolnshire has a strong industrial and logistics base which generates substantial demand in the transportation and related sectors. This demand will continue to expand as more growth and capital investment takes place in the key sectors. Ongoing investment required in local road infrastructure, port infrastructure and related facilities. Supply of good quality, readily available land and premises required to meet demand. Other Services Many other service-based sectors will benefit from enhanced demand created by the growth and diversification of the key sectors. This will, in turn, generate greater retail and other consumer expenditure in the local economy. Need to improve quality and diversity of local services in order that additional income expenditure in the local economy is not ‘leaked’ to other areas.
201407-NorthEastLincolnshireEconomicFuturesReport-Final.docx