Plymouth has unveiled an exciting new economic strategy aimed at transforming the city over the next decade. The plan focuses on creating 8,000 new jobs, building 10,000 new homes, and establishing 1,000 new businesses. Currently, Plymouth has 6,300 small businesses, and this ambitious plan aims to significantly boost this number.

One of the key objectives of the strategy is to bring 50 vacant buildings back into use and reduce the number of derelict buildings in the city center by half. Additionally, the strategy aims to address the economic inactivity of 25% of Plymouth’s workforce by helping 5,000 people return to work.

The plan also focuses on improving the city’s wages, which are still below the national average. With a goal to boost the city’s economy by £1bn over the next 10 years, the strategy includes 55 projects, some of which are already underway.

One of the significant projects is the recently established Growth Alliance Plymouth, a partnership between the city council, Babcock, and the Royal Navy. This partnership aims to capitalize on the UK Government’s £4.4bn investment in defense at Devonport Naval Base. The strategy also includes plans to supercharge Plymouth's marine sector, establish Devonport as a 'creative cluster', and support the development of floating offshore wind technologies.

In addition to creating new jobs and businesses, the strategy aims to support the local community by reducing the number of residents without formal qualifications, lifting at least 3,000 people out of poverty, and addressing the city’s aging demographics by attracting new residents and students.

Furthermore, Plymouth City Council is focusing on creating a highly skilled workforce and improving the city’s educational opportunities. The council aims to raise the number of residents with qualifications at RQT level 4+ from 38.9% to 45.7% by 2030. Sustainability is also a key focus, with plans to make the city carbon net zero by 2030.

Council Leader Tudor Evans emphasized that the strategy is about raising living standards and improving lives for the city’s residents. Richard Stevens, chair of the Plymouth Growth Board, noted that the strategy aims to maximize every opportunity for growth, regeneration, and improving residents' quality of life.

The city’s new economic plan is underpinned by four key pillars: civic pride and regeneration, productive growth and high-value jobs, inclusive growth, and sustainable growth. These pillars aim to attract new residents, improve living standards, and ensure the city’s growth does not negatively impact the environment.

This bold new strategy offers a vision for a prosperous and sustainable future for Plymouth, promising long-term economic benefits for residents and businesses alike.