Suffolk’s Economic Strategy, also known as a Local Growth Plan, has been developed by the Suffolk Business Board in collaboration with businesses, partners and stakeholders across the county.
It seeks to harness Suffolk’s unique strengths, including its thriving renewable energy sector and innovative, collaborative business environment, to transform the region into a hub for clean technology, long-term economic prosperity and competitiveness.
By 2045, the strategy sets out to achieve:
- An additional £14billion contribution to the economy, surpassing the average growth rate in England
- 45,000 more people qualified to Level 3 or higher
- 35,000 more people participating in the workforce
- A significant increase in average wages across the region.
At its core is EPIC Suffolk, a framework to guide investments and funding priorities built on four key pillars: Economic wellbeing, Productivity, Inclusivity, and Clean growth.
Mark Pendlington, chair of the Suffolk Business Board, said:
“This strategy is all about boosting opportunity and growth as we plan a massive collaborative effort to secure a prosperous and sustainable economic future for Suffolk.
“It reflects the views of many hundreds of leaders from across business, local authorities, education, health and the voluntary sector, all of whom have shared their ideas and expertise, and have been very clear about the challenges and opportunities we face.
“We all recognise Suffolk’s role as a key driver of the UK economy and are determined to promote Suffolk as one of the best places in the country to live, work, learn and invest.”
The strategy identifies several key areas for economic growth:
- High Growth sectors: Suffolk is already a national leader in clean energy, with offshore wind and nuclear projects at the forefront. The county’s agri-food and drink sector is set to grow through sustainable practices and agri-tech innovation, while the county’s ports and logistics sector is a critical gateway for UK trade.
- Emerging and Value Growth sectors: Suffolk’s technology sector also shows strong potential for growth, in areas such as ICT, digital creative industries, life sciences and financial services. Elsewhere, there are opportunities to further improve productivity and job quality in advanced manufacturing, construction, health and social care, and the visitor economy.
- Tech Convergence: Suffolk has the potential to become a leader in Tech Convergence, where technologies such as digital, AI, clean tech, robotics and satellite applications intersect and integrate with existing industries, creating an environment ripe for innovation and growth.
To support Suffolk’s continued growth, the strategy places a strong emphasis on workforce development and infrastructure. Investments in skills, housing, digital connectivity, and road and rail networks will be critical to meeting the demands of a growing economy and ensuring that the region remains competitive in the global marketplace.
The strategy is underpinned by a comprehensive investment plan which aims to attract £4 of private investment for every £1 of government economic funding, including a multimillion-pound pipeline of projects to boost productivity, create jobs and attract new companies to Suffolk.
Cllr Richard Smith MVO, Suffolk County Council’s deputy leader and cabinet member for finance, economic development and skills, said:
“This new strategy represents a bold vision for Suffolk’s future – a county in which, by proving its competitiveness and levels of productivity, we can all be proud.
“For residents, it means better jobs, improved infrastructure and greater access to skills training, creating opportunities for everyone. For businesses, it fosters a dynamic environment driven by innovation, sustainability and cutting-edge technologies like AI and clean technology.
“Together, these efforts ensure Suffolk isn’t just a leader in growth but an exceptional place to live, work, learn and invest.”
The Suffolk Business Board was mobilised in May 2024, following the government guidance that the work of the New Anglia Local Enterprise Partnership should be brought to a close. The Business Board comprises 17 members representing business, education, voluntary sector and local government and is responsible for the economic strategy for Suffolk and steering of former LEP-led functions.
The Economic Strategy will be discussed at the meeting of Suffolk County Council’s Cabinet on Tuesday 3 December 2024. Papers for the meeting can be viewed at https://committeeminutes.suffolk.gov.uk
