Summary
The Local Economic Assessment 2010 for Norfolk highlights the following key points
- In Autumn 2010, the Norfolk economy, along with the rest of the UK, is in a delicate
condition. The recession has impacted on local businesses and increased unemployment in the county, but Norfolk has survived the recession better than
many other areas of the UK and the economy has considerable potential to recover
from the recession and, in time, return to strong growth.
- Norfolk's economy encompasses a wide range of business sectors, including many
identified as 'growth industries'. The county is recognised for strength in offshore
energy and engineering, financial/business services, creative/media industries and
health and life sciences. Recent restraint in government spending may affect growth
in those sectors that are reliant upon public sector investments and a reduction in
public sector employment is also expected.
- Norfolk has a remarkable natural environment and built heritage and the 'quality of
life' in the county is considered to be extremely good. Norfolk also has a significantly
lower crime rate than national or regional averages. These are positive assets in
Norfolk's inward investment and tourism offer.
- Health indicators are generally better than national averages, although there are
pockets of poor health, notably in some Norwich and Great Yarmouth urban wards.
- Business survivability in Norfolk is better than national averages, but business 'start
up' rates (particularly in North Norfolk) are below national levels.Education and skills levels in the county, although improving, are generally lower
than regional and national levels (which are also improving at a comparable rate).
- Relatively low wage levels within the economy contribute to social and economic
inequalities and there are pockets of rural deprivation along with some severe
deprivation in urban wards of Gt. Yarmouth, King's Lynn, Thetford and Norwich.
- Norfolk (with the exception of Norwich) has a higher proportion of the population over
60 years of age, compared with regional and national populations, and there is
ongoing growth in this older demographic, driven by net inward migration. There is a
particularly high concentration of the over 60s in North Norfolk district.
- The county has significant infrastructure deficits, including transport, water supply
and waste water disposal, energy, flood defences and ICT (poor broadband
coverage/speeds and poor mobile phone coverage). Failure to address these
infrastructure deficits will seriously hamper business retention and delivery of housing and jobs growth.
- For Norfolk businesses the mismatch in available skills and training is a key concern
while the need to improve ICT services and transport infrastructure and the
availability of suitable/modern premises and unconstrained employment land also
remain significant issues. There is a desire to reduce the burden of 'over-regulation'
and high energy costs are cited as affecting business performance.
Data
Find out more