Executive Summary - SWOT
Pre-Covid-19 Strengths
- Young and diverse population
- Business, Professional, Financial and Services sector and resilience
- Private sector R&D and Innovation assets
- Largest University sector outside London
- Strong construction sector and portfolio of capital investment opportunities
- Employment growth
- Wage growth
- Increase in high skills
- Apprenticeship starts
- Reducing number of young people not in education and training
- Improving school attainment
- Increasing numbers of active businesses
- Increasing number of affordable homes
- Business R&D investment
- Strong levels of exporting and largest trade surplus
- International Airport and close to a global city
Pre-Covid-19 weaknesses
- High unemployment and youth unemployment
- Unhealthy communities
- Low/poor jobs growth
- Survival rates of businesses
- Significantly deprived areas and inequalities
- Low usage of renewable energy
- Numbers of residents with low qualifications
- Higher unemployment
Threats created by Covid-19
- Economic crash, social distancing and drop in consumer demand
- Large scale unemployment
- Long term scarring effects on young people
- Apprenticeship availability
- Trade and export drop and uncertainty
- Negative impacts on international travel, education and tourism
- Business investment and cash flow disrupted
- R&D and innovation investment curtailed
- Digital skills and infrastructure inequalities
- Reduced take up and usage of public transport
- A changing world which values technology, personalised interactions, flexibility which we may not be ready for
- Large employer asset companies are starting to declare redundancies
- Uncertainty over transition period and new trade and position
Opportunities post Covid-19
- Sector mix ready for recovery and pick up
- Strong healthcare and life sciences sector
- Build on successful past growth in construction and business and professional services
- Building on community spirit and growing community infrastructure
- Adoption of technology and new business models
- Growth in clean green mobility
- Investing in strong local infrastructure which has responded well in the crisis
- Greater investment in young people
- Enhanced emphasis on lifelong learning, and adaptive flexible workforces