Economic Development Strategy

Introduction

1. The Council prepares a strategy statement setting out its proposals for the promotion of economic development of its area and the resources to achieve them.

Background

2. Fareham's economic development strategy since 1994 has followed a path indicated by an analysis of the local economy by Vail Williams. A vision and key aims have set the basis for a ongoing programme of initiatives which have focused upon the theme "Fareham, the Heart of South Hampshire".

 

Vision "The creation of a vibrant Fareham economy providing a variety of opportunities for employment and business growth with a superb town centre, wide range of leisure opportunities, good choice of quality housing and a high quality of life and environment".

 

3. In 1999 the Council reviewed its strategy in the context of the Government's agenda to modernise local government. In response to this new climate the review of the economic development strategy was conceived as a fresh approach to the Council's corporate policy. It sought to embrace the full range of Council activities and put them in the context of the priorities indicated by the broader social agenda. In March 1999 the Council adopted its "Economic Development Strategy 1999-2004 - Overview" and in 2003 extended the overview to 2006 (attached as Appendix A) and thereby provided the setting for the evolution of a more all encompassing programme pulling together contributions from each service area within the Council. The Overview groups the economic development activities of the Council into three broad categories.

• Focus on Fareham People First
• Focus on Fareham Business First
• Focus on Sustainable Fareham Infrastructure

Corporate Aims and Objectives

4. The Economic Development Strategy 1999-2006 Overview is reflected in the Corporate Vision and Objectives. The Corporate Vision and Objectives will guide programmes of service actions in order to achieve improvements to the economic, social and environmental well being of the people and communities of Fareham and accountability to the people it serves. The economic development service is primarily concerned with Objective 2 that seeks to maintain and extend prosperity in the Borough, although there are overlapping relationships and interdependencies with the other aims and objectives.

 

5. The adopted strategy remains relevant to Fareham's present circumstances and the general approach followed in recent years.

 

6. Perhaps the most significant recent change has been the emergence of the Solent Innovation agenda arising from an Innovation Audit commissioned by the Solent Gateway group of local authorities. The Innovation Audit report proposed a network of innovation / technology centres under the heading of Solent Innovation. Fareham, with its unique telecommunications potential, would be at the heart of the network. A specific Fareham contribution would be a business incubator, building upon the emerging centre of excellence, the Fareham Teleport at Cams Hall. The Council has resolved to become directly involved in seeking to bring about this centre and efforts to achieve the proposal are on-going

 

7. The Solent Innovation proposal has led to recognition by SEEDA of the Solent Gateway area's problems and opportunities. SEEDA, as part of its Regional Economic Strategy, has proposed the creation of a network of 25/30 Enterprise Hubs in the South East Region. The officers are working with adjoining authorities with the aim of establishing an Enterprise Hub for South East Hampshire, creating a network of linked technology and innovation centres with access to a full range of business support services. This involves partnership development with the private sector both to invest in incubation centres and to build the business support structures that will create clusters of new and growing businesses.

 

8. The adoption of the Regional Economic Strategy by SEEDA has also opened a broader partnership issue of promoting the Wired Region and providing a world class environment for growing businesses in the 21st century. The significance of this concept and its impact upon and relationships with established partnerships such as HEP and Solent Gateway will become apparent in the coming year.

Action Programme

9. The programme emphasises a number of issues that help to advance the economy of the Borough:-

 

• Building upon Fareham's emerging advantages as a telecommunication hub
• Creating opportunities for the start-up and growth of new businesses, and in particular businesses exploiting new technologies
• Seeking to secure investment that will attract businesses that exploit new technologies
• Implementation of town centre infrastructure
• Continued support for town centre management
• Continued support for partnership organisations benefiting Fareham
• Maintenance of a comprehensive business database
• Promotion of local inter-trading (including an information service free to Fareham firms)
• Targeted visits to understand more fully the concerns of Fareham firms
• Ongoing review of promotional materials and updating as appropriate

 

10. The principal elements of the proposed programme are set out in the Action Programme. The structure of the programme takes the following form

• Supporting business development in Fareham - facilitating the formation and growth of firms to provide employment opportunities accessible to Fareham residents and maintaining close contact with Fareham firms to enable understanding and promotion of their needs
• Marketing and promotion - exploiting Fareham's pivotal role within South Hampshire.
• Infrastructure development - consolidating the retail and leisure role of Fareham town centre and facilitating the optimum transportation network for the Fareham area
• Supporting employment and training initiatives and external business support agencies
• Pursuing sustainable use of resources by seeking to achieve an economy that is convenient in terms of the location of employment, services and leisure facilities and by maximising local inter-trade

Budget

11. The budget for economic development activity has remained stable in recent years, reflecting an emphasis on partnership working aimed at securing cost-effective services for Fareham people and businesses. This allows only limited scope for local initiatives. The programme of activity proposed for the coming year addresses current priorities but maintains the balance of previous years.

Conclusion

12. The Economic Development Programme builds upon the work of the last five years and responds to emerging issues and opportunities in the local economy.

 

13. 2006/2007 has been a significant year that has produced a series of influential strategies

 

The South East Plan

Fareham LDF

Regional Economic Development Strategy 2006-2016